3 Min Read
Feb 6 (Reuters) - Canada's main stock index pointed to a higher open on Thursday on the latest round of corporate earnings.
* General Motors Co posted a weaker-than-expected fourth-quarter profit as results in North America, Asia and South America disappointed.
* Canaccord Genuity reported a stronger than expected 78 percent rise in quarterly profit on Wednesday, helped by higher revenue at its European division and by lower expenses.
* BCE Inc posted a 17 percent rise in adjusted quarterly profit, helped by strong growth in its media wing and ongoing strength in wireless.
* MEG Energy Corp slipped deeper into the red in the fourth quarter due to an unrealized foreign exchange loss on the conversion of its U.S. dollar-denominated debt as the Canadian dollar weakened.
* Credit Suisse missed expectations with a marginal uptick in fourth-quarter net profit after increased legal costs arising from U.S. probes into alleged tax evasion and the sale of mortgage-backed bonds.MARKET SNAPSHOT
* Canada stock futures traded up 0.57 percent
* U.S. stock futures , , were up around 0.33 percent to 0.45 percent
* European shares, were up COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 289.1619; rose 0.5 percent
* Gold futures : $1,262.5; rose 0.41 percent
* US crude : $98.18; rose 0.82 percent
* Brent crude : $107.1; rose 0.8 percent
* LME 3-month copper : $7,065; rose 0.37 percent CANADIAN STOCKS TO WATCH
* Bombardier Inc : The company has been awarded a contract worth around 1 billion pounds to supply trains for the huge London Crossrail project, Britain's Department for Transport said.
* Canfor Corp : The forest products company posted a higher fourth-quarter profit on Wednesday, boosted by strong lumber prices and an increase in pulp production and shipments.
* Sierra Wireless Inc : The producer of wireless communication equipment reported a quarterly loss after incurring higher research and development expenses. ANALYSTS' RECOMMENDATIONS
Following is a summary of research actions on Canadian companies reported by Reuters.
* Detour Gold Corp : Credit Suisse raises target price to C$7 from C$5, says the company is highly leveraged given the long life, current gold price, and key assumptions around execution
* Gildan activewear : CIBC raises target price of its U.S. listed stocks to $62 from $53 after the company reported first-quarter results that were essentially in line with expectations and management's guidance
* Peyto Exploration & Development Corp : CIBC reinstates with sector outperformer rating and price target of C$40 owing to the company's stronger-than-expected growth
* Perpetual Energy Inc : CIBC raises target price to C$1.50 from C$1.40 as the company's 2P reserves in 2013 grew 51 percent year on year, up from 33 percent in 2012 ON THE CALENDAR
* Major Canadian economic data includes exports, imports and trade balance
* Major U.S. events and data includes initial, continuing claims and international trade