CANADA STOCKS-TSX may open lower after overseas markets drop

Aug 25 (BestGrowthStock) – Toronto’s main stock index could open
lower on Wednesday after overseas equities dropped and weak
U.S. housing figures stirred concerns about the economic
recovery in Canada’s biggest trading partner.


* Canadian equity futures (0#SXF:: ) pointed to a lower

* U.S. stock index futures dipped on Wednesday as weakness
in equities markets overseas kept traders cautious ahead of
upcoming U.S. data on durable goods orders and home sales.

* European shares fell by midday on Wednesday, adding to
hefty losses a day earlier, with the cut in Ireland’s credit
rating by Standard & Poor’s weighing on sentiment and as fears
persisted over the outlook for the global economy. [.EU]

* Tokyo’s Nikkei average hit a 16-month closing low on
Wednesday, at one point falling over 2 percent on
disappointment over Japanese inaction on the strong yen, which
threatens a fragile economic recovery. [.T]


* The Thomson Reuters-Jefferies CRB index (.CRB: ), a global
commodities benchmark, fell 0.19 percent in early trade.

* Crude bounced from a seven-week low Wednesday as investors
looked for relief in U.S. oil inventory numbers due later in
the day, heartened by Tuesday’s figures indicating a fall in
crude stocks. [O/R]

* Gold hit eight-week highs near $1,240 an ounce in Europe
on Wednesday as the dollar fell versus the euro and as equities
slipped on concerns over economic growth, lifting interest in
the metal as a safe store of value. [GOL/]

* Bargain hunters helped steady copper on Wednesday, but
concern about economic and demand prospects were expected to
limit gains ahead of data from the United States, the world’s
largest economy. [MET/L]


* Potash Corp (POT.TO: ): BHP Billiton, the world’s biggest
miner, tried to dampen expectations it would substantially
raise its hostile $39 billion bid for Potash Corp, th world’s
largest fertilizer producer.[ID:nSGE67O017]

* Canadian Imperial Bank of Commerce (CM.TO: ) said on
Wednesday its third-quarter profit (Read more your timing to make a profit.) rose 47.5 percent, topping
expectations as the bank sharply reduced its provisions to
cover bad loans. [ID:nN25110938]

* Research In Motion (RIM.TO: ): India will take a final
decision on Aug. 30 on whether to block some BlackBerry
services over which the country has security concerns, a senior
government source said on Tuesday. [ID:nSGE67O02N]

* Bank of Montreal’s (BMO.TO: ) profit rose 20 percent in its
third quarter as it set aside much less money for bad loans,
but the result missed expectations due to weak trading income,
pulling the bank’s shares down 6 percent on Tuesday.

* Alimentation Couche-Tard Inc [ATDb.TO], Canada’s largest
convenience store chain, posted a 42.2 percent rise in
quarterly profit on Tuesday and said it is acquiring 10 stores
from U.S.-based Compac Food Stores Inc. [ID:nN24252951]


Following is a summary of research actions on Canadian
companies reported by Reuters on Wednesday. Stock entries are
in alphabetical order.

*Bank of Montreal (BMO.TO: ) price target cut by Macquarie to
C$65 from C$68, rating neutral. KBW cuts price target by C$2 to
C$62, rating market perform. Barclays cuts price target to C$68
from C$72, rating overweight.

* Paramount Resources (POU.TO: ) raised by Macquarie to
outperform from neutral.

* Penn West Energy Trust (PWT_u.TO: ) cut by Macquarie to
neutral from outperform.

* Progress Energy (PRQ.TO: ) raised by Macquarie to
outperform from neutral.

(Reporting by Toronto newsroom, Editing by Chizu Nomiyama)

CANADA STOCKS-TSX may open lower after overseas markets drop