April 29, 2011 / 12:26 PM / in 6 years

CANADA STOCKS-TSX may open weaker, hurt by RIM warning

April 29 (Reuters) - Toronto’s main stock index looked set to open weaker on Friday, hurt by an unexpected earnings warning from Blackberry maker Research In Motion RIM.TO.

RIM stunned investors with a steep downward revision of its current quarter forecasts on Thursday, saying it expects to ship fewer BlackBerry smartphones but maintained its robust full-year guidance. [ID:nN28285540]

Separately, Lundin Mining (LUN.TO) shares could rise on a newspaper report that a Chinese-led group plans to bid for copper producer. [ID:nLDE73S0T6]

FACTORS TO WATCH

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

* U.S. stock index futures pointed to a flat to lower open for Wall Street, reversing gains from the previous session on the last trading session of the month. [.N]

* European shares drifted lower, snapping a six-session winning streak, with investors taking profits from eight-week highs on a day when volumes were low as the UK market was closed for a royal wedding holiday. [.EU]

* Asian stocks were in red with Hong Kong shares falling for a fourth straight session and China’s markets suffered their worst weekly performance this year as investors cut back on risk heading into a long weekend, fearing Beijing may announce further policy tightening measures.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.11 percent in early trade.

* Oil prices hovered near 31-month highs as a weak dollar and violence in North Africa outweighed concerns about slowing growth in top consumer the United States. [O/R]

* Gold steadied, just shy of fresh record highs and set for its seventh successive weekly gain, driven largely by the decline in the dollar to its lowest in nearly three years. [GOL/]

* Shanghai copper fell ahead of a long weekend, after the U.S. unveiled lower-than-estimated GDP figures for the first quarter and a surprise jump in the number of unemployment benefits claims. [MET/L]

CANADIAN STOCKS TO WATCH

* Canadian Oil Sands Ltd. COS.TO: Profit at the company, which has the biggest stake in the Syncrude Canada Ltd oil sands consortium, rose 84 percent in the first quarter due to higher production and prices. [ID:nN28182174].

Separately, a major turnaround for one of Syncrude Canada Ltd’s cokers is slated to begin in September or October, Marcel Coutu, CEO of the company said on Thursday. [ID:nN28298712]

* Fairfax Financial Holdings Ltd (FFH.TO): The property and casualty insurer posted a quarterly net loss, hurt by the impact of the Japan earthquake. [ID:nL3E7FS5XP]

* IESI-BFC Ltd. BIN.TO: The waste management company first-quarter profit rose 38 percent, helped by its acquisition of Waste Services Inc. The company posted first-quarter profit of $23.1 million, or 19 cents a share, compared with $16.7 million, or 18 cents per share, a year ago. [ID:nL3E7FS5S5]

* Agnico-Eagle (AEM.TO): The gold miner’s first-quarter profit more than doubled on a 34 percent increase in gold output, despite a fire that hit production at a mine in the Canadian Arctic, the company said on Thursday. [ID:nN28277297]

* Osisko Mining (OSK.TO): The gold miner said it raised the life of its Malartic mine in Quebec to 16 years, based on a recently increased gold reserve estimate. [ID:nL3E7FS60L]

* Inmet Mining IMN.TO: The copper producer’s first quarter profit rose on higher metal prices and higher sales volumes, the company said on Thursday. [ID:nN28280256]

ANALYST RECOMMENDATIONS

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

* Aastra Technologies Ltd AAH.TO price target cut to C$22 from C$24; rating sector perform at National Bank

* CGI Group (GIBa.TO) price target raised to C$24 from C$23 at CIBC

* Garda World Security Corp GW.TO price target raised to C$13 from C$11.25; rating outperform at National Bank

* Home Capital Group (HCG.TO) price target raised to C$65 from C$64; rating outperform at National Bank

$1= $0.95 Canadian Reporting by Anil Kumar; editing by Jeffrey Hodgson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below