CANADA STOCKS-TSX may open down on resources, results eyed

TORONTO, Feb 25 (BestGrowthStock) – Canada’s main stock market
index may open lower on Thursday as weak gold and energy prices
weigh on the commodity-laden market, while investors digest a
slew of quarterly results including a huge jump in profits from
from one of the country’s big banks.

Investors will also focus on U.S. Federal Reserve Chairman
Ben Bernanke’s testimony before the Senate Banking Committee,
the second day of his testimony on Capitol Hill.

Toronto’s main stock market index ended slightly lower on
Wednesday as a lower gold price dragged down miners and weaker
than expected corporate results weighed.[ID:nN24213020]

Here is some of the news that may affect the market.


Canadian Imperial Bank of Commerce (CM.TO: ) posted a more
than four-fold rise in its quarterly profit, helped by volume
growth in its retail markets and wholesale banking, handily
beating market estimates.[ID:nN24190879]


Magna International Inc (MGa.TO: ) reported a narrower
quarterly loss as the auto parts supplier benefited from higher
light vehicle production in North America and Europe, but
charges related to impairment continued to hurt the


Tim Hortons (THI.TO: ), the iconic Canadian coffee shop
chain, raised its dividend by 30 percent on Thursday as it
reported a jump in its quarterly results. [ID:N25189448]


Uranium miner Cameco Corp’s (CCO.TO: ) fourth-quarter profit (Read more your timing to make a profit.)
rose 20 fold, beating analyst estimates, as higher profit in
gold countered the impact of weakness in uranium


Biovail Corp (BVF.TO: ) (BVF.N: ) said on Thursday its net
income fell due to a series of one-time items that negatively
impacted results.[ID:N25203622]


Canam Group Inc’s (CAM.TO: ) earnings tumbled 64 percent,
results showed on Wednesday, as the U.S. non-residential
construction market remained in a slump in the fourth quarter
and competition for business was fierce.[ID:nN23126956]


Ivernia Inc (IVW.TO: ) said it restarted processing
operations at the Magellan lead mine in Western Australia this
week and it expects to reach full production levels by the end
of the third quarter.[ID:nSGE61O0G2]


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

* UBS cuts Agnico-Eagle Mines Ltd (AEM.N: ) price target to
$66 from $68; Rating Buy

* Raymond James cuts Finning International Inc (FTT.TO: )
target price to C$19.25 from C$20; Keeps Outperform rating

* Canaccord Adams raises Canam Group Inc (CAM.TO: ) target
price to C$9.25 from C$9; Keeps Buy rating
($1=$1.06 Canadian)

Penny Stocks

(Reporting by Scott Anderson, Editing by Chizu Nomiyama)

CANADA STOCKS-TSX may open down on resources, results eyed