Canada’s main stock index looked set to open higher on Thursday, tracking global markets, as favorable Chinese factory data and signals that the Federal Reserve would keep stimulating U.S. growth brightened the outlook for Canadian equities.
* Potash Corp of Saskatchewan reported a 22 percent drop in third-quarter earnings, just below analysts’ expectations, as sales of its namesake crop nutrient to China and India slipped, the company said.
* Nexen said it still expects a $15.1 billion takeover bid by China’s CNOOC Ltd to close in the current quarter.
* Cenovus Energy Inc, Canada’s No. 2 independent oil producer, reported a 43 percent rise in third-quarter operating profit on higher production.
* Procter & Gamble Co posted a first quarterly profit and maintained its key earnings forecast for the year as the world’s largest household products maker cut costs and narrowed its focus on key markets, products and countries.
* Precision Drilling said third-quarter profit fell 53 percent on reduced oil and gas drilling activity in North America and that demand will remain weak if natural gas prices don’t recover.
* Imax third-quarter profit rose 79 percent, driven mainly by strong box office revenue and continued network growth globally.
* Canada stock futures traded up 0.76 percent
* U.S. stock futures , , were up around 0.45 percent to 0.66
* European shares, were up
* Thomson Reuters-Jefferies CRB Index : 299.79; rose 0.57 percent
* Gold futures : $1,716; rose 0.91 percent
* US crude : $86.65; rose 1.07 percent
* Brent crude : $109.01; rose 1.08 percent
* LME 3-month copper : $7,860.75; rose 0.56 percent
* Agnico-Eagle Mines Ltd. : The company reported a quarterly profit on record gold production on Wednesday and boosted its output forecast for the year by 5 percent.
Following is a summary of research actions on Canadian companies reported by Reuters.
* Canadian Pacific Railway Co. : National Bank Financial cuts to underperform rating, says turnaround is underway but stock is getting ahead of itself while CIBC ups target to C$95 from C$83 on the company’s improving operations
* K-Bro Linen Inc. : National Bank Financial ups target to C$32 from C$30 citing the company’s growth opportunities
* Rogers Communications Inc. : RBC raises target to C$46 from C$44, CIBC raises price target to C$45 from C$43 and National Bank Financial ups target to C$45 from C$42.50 after the company reported better-than-expected third-quarter results
* TransForce Inc. : CIBC cuts target price to C$21 from C$23 and National Bank Financial cuts price target to C$20.50 from C$22 on the company’s low third-quarter revenue and uncertainty in the macroeconomic environment
* No major Canadian economic data scheduled for release
* Major U.S. events and data includes durable goods, jobless claims, pending home sales and building permits