October 21, 2010 / 12:46 PM / 7 years ago

CANADA STOCKS-TSX may open higher on strong US corporate results

Oct 21 (Reuters) - Toronto's main stock index looked set to open higher on Thursday after investor sentiment got a boost from a suite of strong corporate earnings reports in the United States.

FACTORS TO WATCH

* Canadian equity futures <0#SXF:> pointed to a higher open.

* U.S. stock index futures pointed to a higher start, helped by firm results from Caterpillar Inc (CAT.N), online auctioneer eBay Inc (EBAY.O) and Netflix Inc (NFLX.O), the DVD rental and movie streaming service. [.N]

* European stocks edged up, with phone maker Nokia NOK1V.HE rising after forecast-beating results, though economic worries rekindled by news of slowing growth in the euro zone capped index gains. [.EU]

* Markets in Asia were mixed with Nikkei average and Shanghai's benchmark down 0.05 percent and 0.7 percent respectively.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.33 percent in early trade.

* Oil slipped back towards $82 per barrel, consolidating after a sharp rise on a slight slowing in Chinese economic growth and following news of another build in U.S. crude oil stocks. [O/R]

* Gold steadied above $1,340 an ounce, as waning investor interest was offset by a pull-back in the dollar ahead of a key G20 meeting and after currency remarks from U.S. Treasury Secretary Tim Geithner. [GOL/]

* Volatile copper rose, as investors mulled over the latest economic growth data from top metals consumer China, while a weaker dollar offered support. [MET/L]

CANADIAN STOCKS TO WATCH

* Bombardier Inc. (BBDb.TO): Canada's aviation regulatory body issued an emergency safety directive this week covering 600 of the aircraft maker's regional jets following two landing-gear malfunctions, the WSJ reported. [ID:nN20211536]

* Precision Drilling Corp. (PD.TO): The oil and gas well drilling company, said on Thursday its net earning fell 15 percent, primarily due to higher foreign exchange gain recorded last year. [ID:nN20241215]

* Canacol Energy CNE.V. The company on Thursday said net proven and probable oil reserves at its Capella well in Colombia doubled from last year. Net after royalty proven and probable reserves doubled to 4.2 million net barrels, the company said in a statement. [ID:nSGE69K0FT].

ANALYST RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]

* Alange Energy ALE.V target price raised to C$0.80 from C$0.50; keeps outperform rating at Raymond James

$1= $1.02 Canadian Reporting by Bangalore Newsroom; Editing by Jeffrey Hodgson

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