TORONTO, Oct 21 (Reuters) - Toronto’s main stock index may open lower on Wednesday as a drop in commodity prices may weigh on the resource-heavy index while corporate earnings out of the United States could also influence direction.
U.S. stock futures were weighed down by earnings from the world’s second-largest plane maker Boeing Co (BA.N), which posted a disappointing quarterly net loss, and this may impact sentiment in Canada. [ID:nN20433045]
The TSX ended flat in the previous session given a late surge by Cameco Corp (CCO.TO) on the possibility of a jump in uranium prices after early strength in Barrick Gold (ABX.TO) and other gold miners dissipated on lower gold prices.
The S&P/TSX composite index .GSPTSE finished down 0.27 of a point at 11,538.12 on Tuesday.
Here is some news that could affect the market:
RESEARCH IN MOTION RIM.TO
Research In Motion is rolling out an updated version of its top-end BlackBerry Bold smartphone, aimed at the company’s base of professional users as well as wealthier retail consumers. [ID:N20434496]
CANADIAN NATIONAL RAILWAY (CNR.TO)
CN reported a better-than-expected 13 percent drop in third-quarter profit on Tuesday as deep cost cuts helped cushion the impact of the recession. [ID:nN14246637]
OIL PRICES DROP
Oil fell towards $78 a barrel on Wednesday, extending the previous session’s decline from a one-year peak after a bigger-than-expected rise in U.S. crude oil inventories. [O/R]
Gold prices softened but held well above $1,050 an ounce in Europe on Wednesday, awaiting direction from the foreign exchange markets, as the previous day’s recovery in the dollar index .DXY petered out. [GOL/]
Following is a summary of research actions on Canadian companies reported by Reuters. For more, please double click [RCH/CA]
* Genuity cuts Brookfield Properties BPO.TO to “hold” rating from “buy”
* Raymond James raises Canadian National Railway (CNR.TO) price target 7.5 percent to C$64.50 with “outperform” rating.
* Raymond James raises Domtar (UFS.TO) price target 87.5 percent to C$45 with “market perform” rating.
($1=$1.06 Canadian) (Reporting by Frank Pingue, Editing by Chizu Nomiyama)