August 6, 2013 / 12:28 PM / 4 years ago

CANADA STOCKS-TSX may open lower despite strong German and British data

3 Min Read

August 6 (Reuters) - Canada's main stock market looked set to open lower on Tuesday after a long weekend as strong factory data from Germany and Britain failed to impress markets. TOP STORIES

* British manufacturing grew much more strongly than expected in June, suggesting the country's recovery is broadening just as the Bank of England prepares to set out its plan for steering the economy back to health.

* Japan's Sony Corp rejected a proposal from activist shareholder Daniel Loeb to partially spin off its entertainment business but the billionaire investor vowed to keep talking with the company and to explore other options.

* Dish Network Corp reported a second-quarter net loss due to a $438 million charge related to satellite acquisitions.

* Cognizant Technology Solutions Corp reported better-than-expected quarterly results as revenue from Europe excluding the UK jumped 54 percent, and the IT services provider raised its forecast for the year.

* CVS Caremark Corp posted a higher second-quarter profit, helped by its pharmacy benefits management business, where sales growth narrowly outpaced that of its drugstores.MARKET SNAPSHOT

* Canada stock futures traded down 0.43 percent

* U.S. stock futures , , were mixed around -0.21 percent to 0.08 percent

* European shares, were mixed COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 284.0009; rose 0.1 percent

* Gold futures : $1,288.7; fell 1.07 percent

* US crude : $106.89; rose 0.31 percent

* Brent crude : $108.92; rose 0.2 percent

* LME 3-month copper : $7,054.75; rose 1.14 percent ANALYSTS' RECOMMENDATIONS

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

* First Quantum Minerals Ltd : Raymond James raises target price to C$22 from C$21, says the company's second-quarter results and a successful integration of the newly acquired IMN assets are continued proof of management's focus and abilities

* HudBay Minerals Inc : Raymond James cuts rating to market perform from outperform to reflect the relative risk of company's operations, balance sheet, size, and liquidity

* Kelt Exploration Ltd : Raymond James raises target price to C$8 from C$7.50 after the company announced $15.5 million acquisition at Fireweed which offsets Inga and an increase to its production guidance, capital spending and bank line

* SNC Lavalin Group Inc : Raymond James cuts target price to C$47 from C$49 after the company badly missed second-quarter FY13 expectations mainly due to provisions on two lump-sum projects ON THE CALENDAR

* Major Canadian economic data includes exports, imports and trade balance

* Major U.S. events and data includes international trade, Redbook and IBD consumer confidence

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