Canada Stocks: TSX may open higher; corporate earnings eyed

Perpetual Energy

06/02/2014 14:07

Feb 6 (Reuters) - Canada's main stock index pointed to a higher open on Thursday on the latest round of corporate earnings. TOP STORIES * General Motors Co posted a weaker-than-expected fourth-quarter profit as results in North America, Asia and South America disappointed.  ID:nL2N0LB0FQ  * Canaccord Genuity  CF.TO  reported a stronger than expected 78 percent rise in quarterly profit on Wednesday, helped by higher revenue at its European division and by lower expenses. ID:nL2N0LA1YV  * BCE Inc  BCE.TO  posted a 17 percent rise in adjusted quarterly profit, helped by strong growth in its media wing and ongoing strength in wireless.  ID:nL2N0LB0IU  * MEG Energy Corp  MEG.TO  slipped deeper into the red in the fourth quarter due to an unrealized foreign exchange loss on the conversion of its U.S. dollar-denominated debt as the Canadian dollar weakened.  ID:nL1N0ID2GH  * Credit Suisse missed expectations with a marginal uptick in fourth-quarter net profit after increased legal costs arising from U.S. probes into alleged tax evasion and the sale of mortgage-backed bonds.  ID:nL5N0LB09U  ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ To receive an early e-mail of Reuters Morning News Call - Canada - a preview of market moving news - Thomson Reuters subscribers can register at  CA/MNC  ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ MARKET SNAPSHOT  * Canada stock futures  0#SXF:  traded up 0.57 percent * U.S. stock futures  0#SP: ,  0#DJ: ,  0#ND:  were up around 0.33 percent to 0.45 percent  .N  * European shares  .FTEU3 ,  .STOXX  were up  .EU  COMMODITY PRICE MOVES * Thomson Reuters-Jefferies CRB Index  .TRJCRBTR : 289.1619; rose 0.5 percent * Gold futures  GCc1 : $1,262.5; rose 0.41 percent  GOL/  * US crude  CLc1 : $98.18; rose 0.82 percent  O/R  * Brent crude  LCOc1 : $107.1; rose 0.8 percent  O/R  * LME 3-month copper  CMCU3 : $7,065; rose 0.37 percent MET/L  CANADIAN STOCKS TO WATCH * Bombardier Inc  BBDb.TO : The company has been awarded a contract worth around 1 billion pounds to supply trains for the huge London Crossrail project, Britain's Department for Transport said.  ID:nL5N0LB121  * Canfor Corp  CFP.TO : The forest products company posted a higher fourth-quarter profit on Wednesday, boosted by strong lumber prices and an increase in pulp production and shipments. ID:nL2N0LA26O  * Sierra Wireless Inc  SW.TO : The producer of wireless communication equipment reported a quarterly loss after incurring higher research and development expenses.  ID:nL3N0LA480  ANALYSTS' RECOMMENDATIONS Following is a summary of research actions on Canadian companies reported by Reuters.  RCH/CA  * Detour Gold Corp  DGC.TO : Credit Suisse raises target price to C$7 from C$5, says the company is highly leveraged given the long life, current gold price, and key assumptions around execution  * Gildan activewear  GIL.TO  : CIBC raises target price of its U.S. listed stocks to $62 from $53 after the company reported first-quarter results that were essentially in line with expectations and management's guidance * Peyto Exploration & Development Corp  PEY.TO : CIBC reinstates with sector outperformer rating and price target of C$40 owing to the company's stronger-than-expected growth * Perpetual Energy Inc  PMT.TO : CIBC raises target price to C$1.50 from C$1.40 as the company's 2P reserves in 2013 grew 51 percent year on year, up from 33 percent in 2012 ON THE CALENDAR * Major Canadian economic data includes exports, imports and trade balance  ECONCA  * Major U.S. events and data includes initial, continuing claims and international trade  ECONUS  ($1= $1.11 Canadian) (Reporting by Samarendra Sahoo in Bangalore) ((samarendra.sahoo@thomsonreuters.com)(91 80 6749 6286)(Reuters)(Messaging)(samarendra.sahoo.thomsonreuters.com@re uters.net)) Keywords: MARKETS CANADA/STOCKS