Jan 22 (Reuters) - Canada’s main stock index looked set to extend previous session’s losses on Wednesday as investors turn cautious ahead of the Bank of Canada’s rate decision. However, losses could be capped after the International Monetary Fund’s upgrade of world forecasts lifted sentiment.
* United Technologies Corp, the world’s largest maker of elevators and air conditioners, reported a rise in fourth-quarter profit that topped Wall Street estimates, helped by stronger performances across its businesses.
* British unemployment plunged to within a whisker of the Bank of England’s level for considering an increase in interest rates, data showed, but the central bank stressed it would be in no rush to act.
* Coach Inc said sales in North America fell further in the final quarter of 2013 as it lost share in the handbag business to fast-growing rivals such as Michael Kors Holdings Ltd and kate spade.
* Textron Inc, the maker of Cessna aircraft and Bell helicopters, reported a 17 percent rise in quarterly profit as sales of its Citation business jets picked up after five straight quarters of decline.
* Mohamed El-Erian, heir apparent to Pimco co-founder Bill Gross, will step down as chief executive and co-chief investment officer, raising questions about the future course of Pacific Investment Management Co, the world’s largest bond fund manager.
* IBM Corp missed revenue expectations for the fourth consecutive quarter as the world’s biggest technology services company grappled with weakening demand for its servers and storage equipment, particularly in growth markets like China.
* Canada stock futures traded down 0.02 percent
* U.S. stock futures , , were mixed around -0.06 percent and 0.03 percent
* European shares, were down
* Thomson Reuters-Jefferies CRB Index : 279.6562; rose 0.24 percent
* Gold futures : $1,242.3; was unchanged 0 percent
* US crude : $95.44; rose 0.49 percent
* Brent crude : $107.38; rose 0.61 percent
* LME 3-month copper : $7,297.5; fell 0.57 percent
* BlackBerry Ltd : The company said on Tuesday it intends to divest the majority of its real estate holdings in Canada, as it seeks to bolster its balance sheet and turn around its fortunes.
* Saputo Inc : The company said it has secured majority control of Australia’s Warrnambool Cheese and Butter Factory Co Holdings Ltd, putting pressure on rival bidder Murray Goulburn Co-operative Co to concede defeat.
* Penn West Petroleum Ltd : The oil company looking to cut costs and debt to boost profits and raise a sagging share price, said on Tuesday it expects lower output in 2014 as it sells or shuts in wells.
Following is a summary of research actions on Canadian companies reported by Reuters.
* Aecon Group Inc : Canaccord Genuity raises to buy from hold, says mega projects in Canadian infrastructure brighten sector outlook
* Bombardier Inc : CIBC cuts target price to C$5 from C$5.75, attributable to disappointing third-quarter results, a slow flight test program and delay to the CSeries EIS
* Gran Tierra Energy Inc : Canaccord Genuity raises price target to C$9.50 from C$9, sees increased degree of confidence in previous risked value after the company moved the Bretaña field in Peru from a resource category to a reserve category
* IAMGOLD Corp : Canaccord Genuity cuts to hold from buy based on weak fourth-quarter results and a high 2014 cost outlook
* Potash Corp : Goldman Sachs raises price target to $32 from $24 on the company’s 4.1 percent dividend yield, favorable cost outlook, earnings ballast from a less negative near-term outlook
* Major Canadian economic data includes BoC rate decision
* Major U.S. events and data includes redbook