January 19, 2011 / 1:52 PM / 7 years ago

CANADA STOCKS-TSX may open flat; firm commodities offset Goldman

Jan 19 (Reuters) - Canadian stocks looked set to open little changed on Wednesday as broad gains in commodity prices were offset by unexpectedly weak Canadian and U.S. economic data and Goldman Sachs results that hurt investor sentiment.

FACTORS TO WATCH

* Canadian equity futures <0#SXF:> pointed to a flat open

* U.S. stock index futures added to losses after Goldman Sachs results dropped 53 percent from a year earlier. [.N]

* European stocks fell after stellar results from tech bellwethers Apple (AAPL.O), ASML (ASML.AS) and IBM (IBM.N) failed to fuel the market’s brisk rally, with technical indicators signaling a pull-back. [.EU]

* Asian stocks rose to their highest since May 2008, led by IT, energy, material sectors

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.60 percent in early trade.

* Oil prices rose as a drop in the dollar to eight-week lows stimulated buying, and on further signs the global demand recovery is intact after the International Energy Agency (IEA) raised its growth forecast. [O/R]

* Gold was set for a third day of gains, fed by weakness in the dollar, ongoing Asian buying and a broader investor push into commodities that lifted platinum to 30-month highs and sent copper to a record. [GOL/]

* Copper rose to a record high as the dollar weakened, positive earnings expectations whetted risk appetite and the outlook for demand for industrial metals in top consumer China improved. [MET/L]

CANADIAN STOCKS TO WATCH

* Diversified miner Teck Resources TCKb.TO said on Wednesday its first-quarter coal sales would be hurt by adverse weather conditions and a rail traffic disruption, along with other issues. [ID:nN19209662]

* Migao Corp. MGO.TO: The specialty fertilizer maker said production has started at a potassium nitrate joint venture with Chile’s Soquimich in Sichuan, China. [ID:nSGE70I0AV]

* Nexen Inc. NXY.TO: The independent oil and gas producer said on Tuesday it will sell its 65 percent stake in the Canexus Income Fund CUS_u.TO, raising C$477.1 million and ending its association with its former industrial chemicals unit. [ID:nN18169709]

* 20-20 Technologies Inc. TWT.TO: The software maker for the interior design industry reported fourth-quarter results above market estimates, helped by strong revenue growth at its manufacturing business unit. [ID:nSGE70H0DG]

ANALYST RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]

* Air Canada ACa.TO price target cut to C$4.5 from C$5 rating buy at UBS

* Candente Copper DNT.TO price target raised to C$3 from C$2.25 rating strong buy at Raymond James

* New Millennium Capital NML.V price target raised to C$4.75 from C$3 rating buy at Raymond James

* Newalta Corp NAL.TO price target raised to C$15 from C$13 rating buy at Versant

* Westjet (WJA.TO) price target raised to C$18 from C$17 rating buy at UBS

$1=$0.99 Canadian Reporting by Kishan Nair and Bangalore Newsroom; Editing by Jeffrey Hodgson

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