CANADA STOCKS-TSX may open higher on commodity prices

Oct 28 (BestGrowthStock) – Canadian stocks could open higher on
Thursday as corporate earnings fueled optimism and commodity
prices rose on falling U.S. dollar.

FACTORS TO WATCH

* Canadian equity futures (0#SXF:: ) pointed to a higher
open.

* The Canadian dollar firmed against its U.S. counterpart
on Thursday with the greenback giving back some of the gains
made earlier this week as a short-covering rally fizzled and
U.S. Treasury yields fell. [CAD/]

* U.S. stocks (Read more about the stock market today. ) rose modestly on Thursday as the dollar
slipped with investors adjusting expectations of further
monetary stimulus, while data on the labor market was due later
in the morning. [.N]

* European stocks were up around midday on Thursday, led by
shares of telecom and oil companies after solid results from
France Telecom, Royal Dutch Shell and Eni. [.EU]

* Asian stocks steadied after their biggest one-day fall in
four months, while the yen held firm against a broadly weaker
dollar, taking details of the Bank of Japan’s stimulus plan in
its stride.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index (.CRB: ), a global
commodities benchmark, rose 0.47 percent in early trade.

* Oil prices edged up on Thursday supported by
forecast-beating profits from Royal Dutch Shell and Italy’s
Eni, as investors awaited U.S. weekly jobless data due later.
[O/R]

* Gold rose back towards $1,330 an ounce in Europe on
Thursday as fresh dollar weakness reversed the previous
session’s decline, but trading was cautious ahead of Federal
Reserve talks on monetary easing next week. [GOL/]

* Copper rose on Thursday as the dollar slipped, with
investors awaiting next week’s key U.S. Federal Reserve talks
on monetary easing and as the prospect of a mine strike in
Chile lent support to the metal. [MET/L]

CANADIAN STOCKS TO WATCH

* Barrick Gold (ABX.TO: ): The world’s top gold miner on
Thursday reported a 75 percent increase in its third-quarter
profit, as strong bullion prices boosted earnings.
[ID:nN28108425]

*Potash Corp (POT.TO: ) posted a
62 percent rise in quarterly earnings on Thursday, far
surpassing forecasts, as a run-up in grain prices spurred
robust demand for fertilizer from the world’s No.1 supplier.

* Ottawa is growing skeptical of BHP Billiton’s (BHP.AX: )
$39 billion hostile takeover bid for Potash Corp (POT.TO: ), a
Canadian newspaper reported on Thursday.

*Celestica Inc (CLS.TO: ): The contract electronics maker
posted a third-quarter profit (Read more your timing to make a profit.) that trailed estimates, hurt by
lower demand, but said it expects revenue to rise in the
current quarter. [ID:nSGE69R0IO]

*Cogeco Inc. (CGO.TO: ): The media and telecoms company and
Cogeco Cable (CCA.TO: ) subsidiary on Thursday reported lower
fourth-quarter results, but backed their fiscal 2011 forecast.
[ID:nSGE69R0GJ]

*Goldcorp Inc. (G.TO: ): The gold miner reported solid
quarterly profits on Wednesday, on record bullion prices.
Goldcorp reported a 65 percent increase in third-quarter
earnings and doubled its annual dividend payout.
[ID:nN27265533]

*Thomson Reuters Corp. (TRI.TO: ): The news and data provider
on Thursday raised its full-year revenue forecast after
third-quarter revenue in its Markets division, which serves
banks and other financial institutions, rose for the first time
in nearly two years. [ID:nN25279353]

*Agnico-Eagle Mines (AEM.TO: ): The gold miner reported solid
quarterly profits on Wednesday, on record bullion prices.
Agnico jumped to a third-quarter profit (Read more your timing to make a profit.) from a year-ago loss,
when its results were hurt by a foreign exchange-related charge
and production issues at its new mines. [ID:nN27265533]

*Husky Energy Corp. (HSE.TO: ): The company said an
equipment failure led to acid gas flaring at its 150,000
barrel-per-day refinery in Lima, Ohio, according to a filing
with regulators. [ID:nWNAB7510]

*Macdonald Dettwiler and Associates (MDA.TO: ): the Canadian
satellite and data distribution company said on Wednesday its
net profit jumped 34 percent in the third quarter and that it
had a strong order backlog. [ID:nN27145146]

*Onex Corp (OCX.TO: ): The leading private equity firm said on
Wednesday it expected to raise up to C$300 million with the
initial public offering of its high-yield debt fund, known as
the OCP Senior Credit Fund. [ID:nN27264431]

*Opti Canada Inc (OPC.TO: ): The company posted a
third-quarter loss, hurt in part by a 23 percent rise in
operating expenses due to planned well work-overs and increased
operating levels. [ID:nSGE69Q0N4]

*RioCan Real Estate Investment Trust (REI_u.TO: ): The
company’s quarterly funds from operations beat market estimates
by a cent, helped by the acquisitions it made in the quarter.
[ID:nSGE69Q0N7]

*Nexen Inc. (NXY.TO: ): The independent oil producer posted a
four-fold jump in quarterly profit, helped by sales of its
non-core assets in Canada and the United States, and said it
plans to generate about US$1.5 billion in asset sales in the
next 12 months. [ID:nSGE69R0HM]

ANALYST RECOMMENDATIONS

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

* Firstservice (FSV.TO: ) target price raised to $27 from $25;
rating market perform at Raymond James

* Paladin Energy (PDN.TO: ) target price cut to C$5 from
C$5.10; rating outperform at Raymond James

($1= $1.02 Canadian)

(Reporting by Bangalore Newsroom)

CANADA STOCKS-TSX may open higher on commodity prices