July 25, 2013 / 12:33 PM / in 4 years

CANADA STOCKS-TSX may open lower, corporate earnings eyed

July 25 (Reuters) - Canada’s main stock index looked set to open lower on Thursday amid a slew of second-quarter corporate earnings and as investors remained on edge on persistent worries about China’s slowdown following weak economic data.

TOP STORIES

* Teck Resources Ltd reported a sharp drop in second-quarter earnings on lower copper and coal prices and cut its capital spending plan through 2014, delaying new mining projects.

* Potash Corp of Saskatchewan, the world’s biggest fertilizer producer, reported a lower-than-expected quarterly profit and cut its outlook as prices of its crop nutrients fell.

* Husky Energy Inc reported a 40 percent jump in second-quarter profit due to higher refining margins.

* Gold miner Agnico Eagle Mines Ltd reported a net loss on Wednesday, hurt in part by a maintenance shutdown, and said it is “reviewing all aspects” of its business in light of the recent drop in gold prices.

* Facebook Inc delivered strong evidence it can thrive on smartphones and tablets on Wednesday, reporting a much better-than-anticipated surge in mobile advertising revenue in the second quarter that ignited a nearly 17 percent share rally.

MARKET SNAPSHOT

* Canada stock futures traded down 0.19 percent

* U.S. stock futures , , were mixed in the range of around -0.37 percent and 0.1 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 287.4992; fell 0.28 percent

* Gold futures : $1,318.5; fell 0.09 percent

* US crude : $104.45; fell 0.89 percent

* Brent crude : $106.83; fell 0.34 percent

* LME 3-month copper : $6,967.75; fell 1.24 percent

ANALYSTS’ RECOMMENDATIONS

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

* Agnico Eagle Mines : RBC cuts target price to $38 from $40 after the company’s second-quarter results were lower than expected due to an extended maintenance shutdown at its Kittila mine.

* Bombardier Inc : National Bank Financial raises target to C$5.50 from C$5.25 on valuation given positive longer-term view of the company’s performance.

* Canadian Pacific Railway : CIBC ups target C$126 from C$122, says the company continues to focus on improving operating ratio through cutting costs and improving service performance even after reporting a light second quarter.

* Mullen Group Ltd : National Bank Financial raises to outperform from sector perform, raises target price to C$26 from C$23.50 after the company reported better-than-expected second-quarter earnings, says CEO’s commentary is notably upbeat.

ON THE CALENDAR

* No major Canadian economic data scheduled for release

* Major U.S. events and data include initial and jobless claims and durable goods

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