November 7, 2012 / 1:47 PM / in 5 years

CANADA STOCKS-TSX may open lower after Obama win

Nov 7 (Reuters) - Canada’s main stock index looked set to open lower on Wednesday, as focus shifted from Barack Obama’s presidential win to the “fiscal cliff” that might derail the world’s largest economy.

TOP STORIES

* Emboldened by a resounding election victory, President Barack Obama immediately pledged to reach across America’s political divide and seek deals on stubborn issues that dogged his first term.

* Greece’s ruling coalition hopes to overcome its own divisions and defy protesters to push through an austerity package needed to secure aid and avert bankruptcy.

* Bombardier reported a 10 percent rise in third-quarter profit and said it would delay by about six months the first flight of its C-Series jetliner and cut about 1,200 jobs in its train manufacturing division.

* Enbridge reported a third-quarter profit as losses on financial derivatives fell and it carried more oil and natural gas on some of its pipelines.

* Agrium reported lower quarterly profit due to downtime at its potash mine and dragged-out contract talks with China and India, the company said.

* WestJet reported a 80 percent rise in third-quarter profit as it flew more passengers.

MARKET SNAPSHOT

* Canada stock futures traded down 0.73 percent

* U.S. stock futures , , were down around 0.86 percent to 0.94 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 295.92; fell 0.56 percent

* Gold futures : $1,718.1; rose 0.23 percent

* US crude : $87.47; fell 1.4 percent

* Brent crude : $110.02; fell 0.95 percent

* LME 3-month copper : $7,626.75; fell 0.95 percent

CANADIAN STOCKS TO WATCH

* Franco-Nevada Corp : The company said it will buy an 11.7 percent net royalty interest in an oil field in Saskatchewan from Penn West Petroleum Ltd for C$400 million in cash.

* Pembina Pipeline Corp : The company said it will spend C$670 million on a 108,000 barrel per day expansion of its Western Canadian pipeline systems.

ANALYST RECOMMENDATIONS

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

* Cathedral Energy Services Ltd. : National Bank Financial cuts target to C$8 from C$9 and RBC cuts target to C$6 from C$6.50 after the company reported worse-than-expected third-quarter results.

* CI Financial Corp. : Canaccord Genuity cuts price target to C$25.75 from C$26.25 to reflect lower management fees for the company’s changing product mix.

* Dundee REIT : CIBC cuts target price to C$40 from C$42 on the company’s lower-than-expected third-quarters results.

* Pilot Gold Inc. : CIBC raises target price to C$2.25 from C$1.85 as a result of an increased cash balance and strong economics for its Halilaga project in Turkey.

* Uranium One Inc. : CIBC cuts price target to C$5 from C$5.80 and Canaccord Genuity cuts target to C$3.20 from C$3.50 citing the company’s lower-than-expected third-quarter results, its lowered guidance.

ON THE CALENDAR

* No major Canadian economic data scheduled for release

* Major U.S. events and data includes mortgage and refinancing index and consumer credit

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