July 31 (Reuters) - Canadian stocks looked set to open higher, supported by rising commodity prices, as investors watched the U.S. Federal Reserve’s two-day monetary policy meeting with hopes the central bank will suggest further action to stimulate the economy.
* Thomson Reuters said its 2012 revenue growth was on track after reporting strong software sales to tax and accounting firms, even as revenue from financial institutions was weak but making progress.
* Fortis reported a 9 percent rise in second-quarter profit, as higher energy infrastructure investment and increased transmission revenue helped drive growth at its Alberta unit.
* BP Plc delivered the worst of a poor set of quarterly results among top oil companies on Tuesday, slashing $5 billion off the value of U.S. assets and undershooting expectations with its operating result.
* UBS reported a surprise slump in profit, hit by a big trading loss on Facebook’s stock market debut and a drop in revenue that pushed its investment bank into the red.
* Rona Inc rejected Lowe’s Co’s unsolicited $1.8 billion takeover offer, saying it was not in the best interests of shareholders.
* Canada stock futures traded up 0.24 percent
* U.S. stock futures , , were up around 0.20-0.28 percent
* European shares, were down
* Thomson Reuters-Jefferies CRB Index : 302.64; rose 0.05 percent
* Gold futures : $1,622.9; rose 0.19 percent
* US crude : $90.17; rose 0.43 percent
* Brent crude : $106.3; rose 0.09 percent
* LME 3-month copper : $7,597.75; rose 0.7 percent
* Air Canada : A Canadian government-appointed arbitrator chose to enforce Air Canada’s final offer over one proposed by the union representing its 3,000 pilots, ending a long and bitter contract dispute but angering the pilots.
* Enbridge Inc. : The company said that repairs to a ruptured Wisconsin pipeline could be complete as early as on Tuesday, though regulators have not yet said when they will allow the company to restart the line.
* Gryphon Gold Corp. : The gold explorer said CFO Robert Chapman stepped down due to personal reasons. Chapman, who joined the company on April 2, resigned effective July 26.
* Inmet Mining Corp. : The base metal miner said on Monday that its second-quarter profit rose 74 percent from a year earlier, helped by higher copper sales volumes.
Following is a summary of research actions on Canadian companies reported by Reuters.
* 20-20 Technologies : NBF revises recommendation to tender from outperform and cuts price target to C$4 from C$5 after the company agreed to be acquired by Vector Capital for $77 million, or $4 per share in cash
* First National Financial : NBF raises target to C$19 from C$18, after the company reported better-than-expected results
* Progress Energy : CIBC raises target to C$22 from C$20.45 after Petronas increased its bid for Progress’ shares to C$22 a share
* Sandstorm Gold : Canaccord ups target to C$12 from C$11.50 after the company reported second-quarter results
* Major Canadian economic data included GDP by industry, producer prices and raw materials
* Major U.S. events and data include personal income, S&P/Case-Shiller home price index and U.S. consumer confidence