July 24, 2012 / 12:51 PM / 5 years ago

CANADA STOCKS-TSX may open higher on China data; Europe eyed

July 24 (Reuters) - Toronto’s main stock index looked set to open higher on Tuesday after Chinese manufacturing data showed signs of improvement, but gains might be limited by weak euro zone data and mounting concerns that Spain may need a full bailout.

TOP STORIES

* Spain paid the second highest yield on short-term debt since the birth of the euro at an auction, reflecting a growing belief that the country will need a full sovereign bailout that the euro zone can barely afford.

* Husky Energy, the integrated oil producer and refiner, reported a 36 percent fall in second-quarter profit on lower production and weaker realized crude oil prices.

* Rogers Communications Inc reported higher adjusted earnings as it boosted revenue and margins in its mobile phone business despite rising competition.

* CIC Energy Corp. : The company said it received an all-cash offer from India’s Jindal Steel & Power for C$2 per share, valuing the company’s equity at C$116 million. The offer price for CIC Energy represents a premium of 27 percent over Monday’s closing price of C$1.57 on the Toronto Stock Exchange.

* DuPont, which makes chemicals, hybrid seeds and Kevlar bulletproof fiber, said that global economic uncertainty would push its 2012 profit to the low end of a previously announced forecast.

MARKET SNAPSHOT

* Canada stock futures traded up 0.09 percent

* U.S. stock futures , , were down around 0.05 - 0.22 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 297.94; fell 0.31 percent

* Gold futures : $1,574; fell 0.2 percent

* US crude : $87.98; fell 0.18 percent

* Brent crude : $102.96; fell 0.29 percent

* LME 3-month copper : $7,408.75; rose 0.1 percent

ANALYST RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters.

* Churchill Corp. : Canaccord Genuity cuts to hold from buy on weaker-than-expected second quarter results and lower-than-expected 2012 revenue and margin outlook

* Nexen Inc. : Canaccord Genuity cuts to sell from buy, says being acquired by CNOOC at fair price valuation and will fetch investors money at an attractive selling price, CIBC cuts rating

* Sprott Power : National Bank Financial starts with outperform on stable business in uncertain markets, experienced management and adequate funds for growth, price target C$1.25

* Talisman Energy : Canaccord Genuity raises its U.S.-listed shares to buy from hold on company’s plans to sell its oil assets to global players and NXY/CNOOC deal having a positive impact on stock price

* TransAlta Corp. : NBF cuts target to C$15.50 from C$16.50 and rates underperform citing $240 million net cash liability associated with its coal-fired power plant; CIBC cuts to C$44.50 from C$45

ON THE CALENDAR

* Major Canadian economic data includes retail sales and retail ex-autos for May

* Major U.S. events and data includes Markit manufacturing PMI, FHFA Home prices and Richmond Fed manufacturing data

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