CANADA STOCKS-TSX may open lower following Carl Icahn comments

Tue Nov 19, 2013 8:28am EST
 
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Nov 19 (Reuters) - Canada's main stock index looked set to open lower on Tuesday after billionaire investor Carl Icahn's comments on the recent rally in stock markets spurred investor caution.

TOP STORIES

* Activist investor Carl Icahn said on Monday he is "very cautious" on the stock market, saying he could see a "big drop" because earnings at many companies are fueled more by low borrowing costs rather than the strength of management.

* The European Central Bank must consider buying government and corporate bonds to help the euro zone avoid a Japanese-style deflationary spiral, the OECD said.

* A recovery in the U.S. housing market helped Home Depot to top profit and sales estimates for the third quarter, prompting the No. 1 home improvement chain to raise its fiscal-year outlook for the third time this year.

* Sears Canada reported a wider quarterly loss as it took one-time charges of C$42.8 million related to restructuring and asset impairment.

* Best Buy Co Inc reported a profit in the third quarter, reversing a year-ago loss, boosted by tight cost controls.

* Exxon Mobil Corp has agreed to sell its 60 percent stake in a Hong Kong utility and a power storage firm for a combined $3.4 billion, helping the U.S. oil major raise funds to plough back into its core operations.

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