Jan 31 (Reuters) - Canada’s main stock index on Friday pointed to a lower open on concerns surrounding the impact of the Federal Reserve’s stimulus taper on emerging markets. TOP STORIES
* Google Inc’s quarterly revenue beat Wall Street’s target despite an ongoing decline in prices for its online ads and deepening losses at Motorola, the handset-making division to be sold to China’s Lenovo.
* Canadian National Railway Co reported higher quarterly earnings on Thursday, saying its full-year volumes and revenue hit record highs, but the results were tempered by extreme winter weather in December and came in slightly below estimates.
* Euro zone consumer prices dropped in January, bucking market expectations for a rise and providing a possible trigger for further easing by the European Central Bank to sustain a fragile recovery and ward against deflation.
* Canadian Oil Sands Ltd said on Thursday fourth-quarter profits fell 12 percent due to higher expenses and a bigger foreign exchange loss.
* Microsoft Corp is likely to appoint its cloud-computing head, Satya Nadella, as its next chief executive, a source familiar with the matter said on Thursday, as the board concludes a five-month search for a tech-savvy heavy-hitter to lead the world’s largest software company.MARKET SNAPSHOT
* Canada stock futures traded down 0.74 percent
* U.S. stock futures , , were down around 0.33 to 0.70 percent
* European shares, were down COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 283.1207; fell 0.37 percent
* Gold futures : $1248.7; rose 0.5 percent
* US crude : $97.27; fell 0.98 percent
* Brent crude : $106.91; fell 0.96 percent
* LME 3-month copper : $7065.25; fell 0.42 percent CANADIAN STOCKS TO WATCH
* Celestica Inc : The contract electronics manufacturer’s quarterly profit narrowly beat analysts’ average estimate due to a slight improvement in margins and a tax benefit.
* TransCanada Corp : The U.S. State Department is poised to issue an environmental review of the company’s proposed Keystone XL oil pipeline that will likely say the project will not appreciably increase carbon emissions, sources said late Thursday, forcing President Barack Obama closer to a tough decision. ANALYSTS’ RECOMMENDATIONS
Following is a summary of research actions on Canadian companies reported by Reuters.
* HudBay Minerals Inc : CIBC cuts target price to C$11 from C$12, says the company’s recent equity deal increases the share count by 12 percent, and results in 4 percent dilution to the NAV
* Norbord Inc : CIBC cuts target price to C$34 from C$37 on the company’s lower fourth-quarter results
* Potash Corp : Canaccord Genuity cuts price target to $30 from $32 attributable to below consensus fourth-quarter results, sees 2014 guidance to be weak ON THE CALENDAR
* Major Canadian economic data includes gross domestic product data
* Major U.S. events and data includes Personal income, Chicago PMI, personal consumption and core PCE price index