Jan 30 (Reuters) - Canada’s main stock index pointed to a lower open on Thursday following the U.S. Federal Reserve’s decision to continue scaling back bond purchases despite emerging market turmoil.
* Potash Corp of Saskatchewan reported a sharply lower quarterly profit and produced 2014 forecasts that were below Wall Street expectations.
* Facebook Inc delivered its strongest revenue growth in two years, beating Wall Street targets as the Internet company’s mobile ad sales continued to accelerate.
* The Federal Reserve on Wednesday decided to trim its bond purchases by another $10 billion as it stuck to a plan to wind down its extraordinary economic stimulus despite recent turmoil in emerging markets.
* ConocoPhillips, the largest U.S. oil company without refining operations, said its fourth-quarter profit rose, helped by the sale of its Algerian business and other assets.
* Visa Inc, the world’s largest credit and debit card company, reported a 9 percent rise in quarterly profit as more people used its cards.
* Canada stock futures traded down 0.03 percent
* U.S. stock futures , , were up around 0.31 to 0.4 percent
* European shares, were down
* Thomson Reuters-Jefferies CRB Index : 284.3311; fell 0.23 percent
* Gold futures : $1,253; fell 0.74 percent
* US crude : $97.84; rose 0.49 percent
* Brent crude : $107.9; rose 0.05 percent
* LME 3-month copper : $7,110; fell 0.24 percent
* Enbridge Inc : Enbridge Income Fund Holdings , the fund controlled by the company, said on Wednesday it will build a C$25 million crude oil pipeline connection to the Cromer, Manitoba, rail terminal owned by Tundra Energy Marketing Ltd.
* Osisko Mining : The company said on Wednesday it has sued Goldcorp Inc in an attempt to foil the gold miner’s C$2.6 billion hostile bid, alleging that its suitor misused confidential information.
* Sears Canada Inc : The struggling department store operator said it would cut 624 jobs as it reorganizes its business.
Following is a summary of research actions on Canadian companies reported by Reuters.
* AGF Management Ltd : CIBC cuts price target to C$12.50 from C$13.50, says the company’s fund performance was dismal and there is no real likelihood of asset growth in 2014
* Canadian Pacific Railway Ltd : BMO raises price target to C$180 from C$172 on the company’s largely in-line quarterly results, projects revenue growth in light of a favourable shift in the US$/CDN$ exchange rate
* Nuvista Energy Ltd : CIBC raises to sector outperformer from sector performer and raises target price to C$10.50 from C$9.50 citing an improved outlook, a possibility of the company’s internally funding growth in the year ahead and an increase in economies from its wells
* No major economic events scheduled in the day
* Major U.S. events and data includes initial and continuing claims, pending home sales and real GDP data