August 1, 2013 / 12:50 PM / in 4 years

CANADA STOCKS-TSX may open higher; China, euro zone data support

Aug 1 (Reuters) - Canada’s main stock index futures pointed to a higher open on Thursday as positive data from China and euro zone hinted at improving global growth.

TOP STORIES

* Suncor Energy Inc posted a second-quarter profit that missed analyst expectations by a penny as earnings were affected by factors including the precautionary shutdown of third-party pipelines due to flooding in northern Alberta.

* Aircraft and train maker Bombardier Inc reported a 22 percent rise in second-quarter profit, helped mainly by growth in its train business.

* Barrick Gold Corp posted a second-quarter loss, hit by a massive $8.7 billion impairment charge resulting from declining metal prices, and cut its dividend by 75 percent.

* Enbridge Inc, Canada’s largest pipeline company, reported a 12 percent rise in second-quarter adjusted profit due to higher contracted volumes.

* Pharmacy benefit manager Catamaran Corp said it would buy privately held Restat LLC for $409.5 million to expand its client base.

* Yamana Gold reported a loss in the second quarter, hit by lower realized commodity prices, and it reduced its production target for the year to reflect a drop in metal prices and cost-cutting.

MARKET SNAPSHOT

* Canada stock futures traded up 0.62 percent

* U.S. stock futures , , were up around 0.64 percent and 0.74 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 286.693; rose 0.78 percent

* Gold futures : $1,323.2; rose 0.87 percent

* US crude : $107.04; rose 1.91 percent

* Brent crude : $109.26; rose 1.45 percent

* LME 3-month copper : $7,021.25; rose 2.05 percent

CANADIAN STOCKS TO WATCH

* Open Text Corp : The business software maker earned less in long-term license fees than analysts had expected in the fourth quarter, offsetting gains from its push into cloud computing.

* Kinross Gold Corp : The company slid to a quarterly loss on Wednesday as it took a big non-cash charge linked to the recent decline in the price of gold and suspended its semi-annual dividend.

* First Quantum Minerals Ltd : The base metal miner reported a drop in second-quarter earnings on Wednesday as realized copper and nickel prices fell.

* Centerra Gold Inc : The gold miner posted a profit in the second quarter, compared with a loss a year earlier, helped by higher gold production at its flagship Kumtor mine in Kyrgyzstan that partially offset weaker gold prices.

* Gildan Activewear Inc : The apparel maker reported a 47 percent jump in third-quarter profit, helped by lower cotton prices and higher sales volume.

* TMX Group Ltd : The owner of Canada’s biggest stock exchange reported a better-than-expected second-quarter profit.

ANALYSTS’ RECOMMENDATIONS

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

* Calfrac Well Services Ltd : CIBC raises to sector outperformer from sector performer and target price to C$40 from C$34.50 on a solid second quarter driven by higher U.S. revenue and stronger-than-expected U.S. and Russian operating margins

* Intact Financial Corp : CIBC cuts target price to C$70 from C$72.50 on disappointing second-quarter results but says management’s commentary around key themes is positive

* MacDonald Dettwiler & Associates : Raymond James raises price target to C$76 from C$69 on valuation in line with space infrastructure peers, sees increasing competitive pressures in H2

* OpenText Corp : CIBC raises target price to $73 from $68, expects solid earnings growth and cash flow ahead of license improvements and believes next catalyst for the company’s stock could be an acquisition, potentially to build out the EIM platform

* Torstar Corp : CIBC cuts target price to C$6.50 from C$7.50 after the company’s second-quarter results were lower than expected due to accounting changes and weaker operations

ON THE CALENDAR

* Major Canadian economic data includes manufacturing PMI

* Major U.S. events and data includes initial and continuing claims, manufacturing PMI, construction spending and auto sales

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