July 19, 2012 / 12:43 PM / 7 years ago

CANADA STOCKS-TSX may open higher, buoyed by upbeat earnings

July 19 (Reuters) - Toronto’s main stock index looked set to open higher on Thursday, tracking global markets, as strong earnings from some global bellwether companies allayed fears of the economic slowdown biting into profits.


* IBM raised its full-year earnings target, even as it posted a quarterly revenue shortfall, reflecting its ability to manage costs as global technology spending sputters.

* Canada’s oil and gas explorer Nexen Inc’s second-quarter profit fell 57 percent as it took a charge on a failed exploration well in the Gulf of Mexico.

* Spain’s five-year borrowing costs hit new euro-era highs at an auction, sending the euro lower, as it struggles to convince investors it can control its finances, while France sold bonds of similar maturities at yields below 1 percent.

* Canadian trucking company Vitran Corp posted a wider second-quarter loss on weakness in its less-than- truckload (LTL) shipping business in the United States.

* Nokia made a slightly smaller loss than expected and ended the second quarter with more cash than investors feared, despite losing market share to Apple and Samsung Electronics.


* Canada stock futures traded up 0.68 percent

* U.S. stock futures , , were up around 0.42 percent

* European shares, were up


* Thomson Reuters-Jefferies CRB Index : 301.57; rose 0.83 percent

* Gold futures : $1,581.8; rose 0.73 percent

* US crude : $91.16; rose 1.44 percent

* Brent crude : $107.08; rose 1.83 percent

* LME 3-month copper : $7,798; rose 2.11 percent


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

* Cogeco Cable : NBF cuts price target to C$40 from C$51 and downgrades to sector perform from outperform, Canaccord Genuity cuts price target to C$42 from C$55 and downgrades to hold from buy, on its plan to acquire Atlantic Broadband

* Colabor : NBF raises price target to C$8 from C$7.50 and rates sector perform, after it reported second quarter results in line with the expectations

* Mainstreet Equity : Canaccord Genuity ups target to C$34.50 from C$29 and rates buy, after it reported better-than-expected third quarter results


* Major Canadian economic data include wholesale trade data

* Major U.S. events and data includes initial claims, lead indicator and existing home sales data

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