January 30, 2013 / 1:52 PM / in 5 years

CANADA STOCKS-TSX to open lower on soft U.S. data; RIM eyed

Jan 30 (Reuters) - Canadian stock index futures pointed to a lower open on Wednesday after U.S. data showed the world’s largest economy unexpectedly contracted in fourth quarter.

TOP STORIES

* The U.S. economy unexpectedly contracted in the fourth quarter, suffering its first decline since the 2007-09 recession as businesses scaled back on restocking and government spending plunged.

* The innovative line of BlackBerry smartphones that Research In Motion Ltd will formally unveil on Wednesday has already succeeded on one crucial count - getting RIM back in the conversation.

* The Federal Reserve is expected to keep monetary policy on a steady path when it concludes a two-day meeting, though behind the scenes intensive debate continues over when the controversial bond-buying program should be curtailed.

* Boeing Co reported profit dipped in the fourth quarter from a year earlier, and said its 2013 forecast “assumes no significant financial impact” from the grounding of its 787 Dreamliner passenger jet by regulators.

* Spain’s economy sank deeper into recession in the fourth quarter of 2012, shrinking at the fastest pace in a year as budget cutbacks and high unemployment prompted households to slash spending.

* Euro zone economic sentiment improved more than expected across all sectors in January, rising for the third time in a row in a sign the economy could be emerging from a low point in the fourth quarter of 2012.

* Chesapeake Energy Corp said on Tuesday that Aubrey McClendon will step down as chief executive after a tumultuous year in which a series of Reuters investigations triggered civil and criminal probes of the second-largest U.S. natural gas producer.

MARKET SNAPSHOT

* Canada stock futures traded down 0.2 percent

* U.S. stock futures , , were mixed around -0.09 percent and 0.07 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 303.5726; rose 0.42 percent

* Gold futures : $1,664.1; rose 0.2 percent

* US crude : $97.9; rose 0.33 percent

* Brent crude : $114.95; rose 0.52 percent

* LME 3-month copper : $8,221.5; rose 1.46 percent

CANADIAN STOCKS TO WATCH

* CCL Industries Inc. : The label and specialty packages maker said it would buy two businesses of U.S. label and office supplies maker Avery Dennison Corp for $500 million.

ANALYST RECOMMENDATIONS

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

* Canadian Pacific Railway Ltd. : Sterne Agee raises target price to $110 from $100 and Barclays raises target price to C$126 from C$120 citing the company’s solid 2013 guidance, better operating revenue and cost improvements.

* Iamgold Corp. : RBC cuts target price to $11 from $18, citing the company’s limited near-term growth prospects, cost inflation and lack of free cash flow.

* SilverCrest Mines Inc. : Canaccord Genuity raises target price to C$4.50 from C$4.25 to reflect the company’s updated resource estimate from the La Joya project in Durango, Mexico.

ON THE CALENDAR

* No major Canadian economic data scheduled for release

* Major U.S. events and data includes GDP, ADP national employment, final sales, implicit deflator and personal consumption expenditure

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