CANADA STOCKS-TSX poised to open lower as resources, RIM weigh

Wed Dec 3, 2008 8:48am EST
 
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TORONTO Dec 3 (Reuters) - The Toronto Stock Exchange's main index could open lower on Wednesday as oil and gold prices sag and BlackBerry maker Research in Motion Ltd RIM.TO cut its third-quarter profit and revenue outlook.

On Tuesday, the S&P/TSX composite index .GSPTSE fell 78.4 points, or 0.93 percent, to 8,327.81 as the Toronto Stock Exchange's main index ended a see-saw session as news that insurer Manulife Financial (MFC.TO: Quote) will issue new stock offset rallying energy shares amid talk of a takeover of Nexen Inc NXY.TO.

Here is some of the news that may affect the market.

RIM CUTS OUTLOOK

Research in Motion Ltd RIM.TO RIMM.O cut its third-quarter profit and revenue outlook well below Wall Street expectations, as subscriber growth slowed, margins fell and amid sharp currency swings. The BlackBerry maker made the announcement on Tuesday night. [ID:nL3134327]

As well, RIM said on Wednesday it will offer C$1.50 a share in cash for Certicom in a deal valued at about C$66 million. [ID:nWNAB9140]

CANADIAN RESEARCH

UBS cuts Manulife Financial Corp (MFC.TO: Quote) price target to C$20 from C$26, while Genuity cuts Bank of Nova Scotia (BNS.TO: Quote) price target to C$35 from C$42. For more research details, please see: [ID:nBNG407356] [CA-RCH]

FINANCIALS   Continued...