CANADA STOCKS-TSX may open lower on euro zone worries, lower oil

May 11 (BestGrowthStock) – Toronto’s main stock index could open
lower on Tuesday, snapping the previous session’s rally, on
concerns that the euro zone’s mammoth $1 trillion rescue
package was not a long-term solution to the region’s sovereign
debt problems.

European shares fell, with banks among the biggest losers.
In a sobering note, the IMF said even though Greece’s public
debt was sustainable over the medium term, the nation faced
plenty of risks.

Markets in Asia were also down after data showed Chinese
inflation inched up to an 18-month high in April, raising
concerns about potential monetary tightening. [ID:nLDE64A0I9]

Wall Street is also set for a lower start with the stock
futures down more than a percent. [.N]

Energy stocks will be in the spotlight as U.S. lawmakers
grill top executives on the drilling rig explosion and oil
spill that threatens an environmental catastrophe in the Gulf
of Mexico.

Here is some news that could affect stock prices:

OIL DROPS

Oil fell below $76 as euphoria over the euro zone’s $1
trillion rescue package faded, leaving doubts over the
longer-term outlook for Europe’s economies and their future
demand for fuel. [O/R]

METALS FALL

Industrial metals fell broadly on doubts over a $1 trillion
emergency rescue plan to stabilise the euro, and the
longer-term demand outlook in Europe and China. [MET/L]

GOLD HITS 5-MONTH HIGH

Gold hit five-month highs to within $10 of its December
record peak as risk aversion returned on doubts over smaller
euro zone countries’ ability to cut their deficits despite a $1
trillion aid package.[GOL/]

PETROBAKKEN’S PROFIT RISES

PetroBakken Energy Ltd (PBN.TO: ) reported a surge in
quarterly earnings that beat analysts’ estimates, as average
production nearly doubled, boosted by its acquisition of
TriStar Oil & Gas Ltd last year. [ID:nSGE64A0F7]

HEMISHERE GPS’ SURPRISE LOSS

Hemisphere GPS Inc (HEM.TO: ), which makes GPS products for
agriculture, marine and other markets, posted a surprise
quarterly loss, hurt by weak demand in its key agriculture
sector in various markets. [ID:nSGE64A0FW]

BORALEX Q1 PROFIT FALLS

Power producer Boralex Inc (BLX.TO: ) posted an 82 percent
fall in quarterly profit, partly hurt by lower electricity
prices in the U.S. market. [ID:nSGE6490U8]

ROCKY MOUNTAIN DEALERSHIPS RESULTS

Rocky Mountain Dealerships Inc’s (RME.TO: ) first-quarter
profit more than doubled, helped by strength in demand for new
agricultural and construction equipment. [ID:nSGE64A0HZ]

ABITIBIBOWATER WORKERS CONTRACT

Workers at newsprint maker AbitibiBowater (ABWTQ.PK: ) have
ratified a new collective agreement that includes cost
reductions for the company, but protects pensions for retirees
and workers, the Communications, Energy and Paperworkers Union
of Canada (CEP) said on Monday. [ID:nN10234245]

FIRST QUANTUM PROFIT RISES

Copper and gold miner First Quantum Minerals (FM.TO: ) on
Monday said its first-quarter profit (Read more your timing to make a profit.) soared on higher copper
prices. [ID:nSGE6490VT]

GREAT CANADIAN GAMING POSTS PROFIT

Great Canadian Gaming Corp (GC.TO: ), an operator of casinos
and thoroughbred racetracks, on Monday posted a quarterly
profit compared with the year-ago period when it took a
restructuring charge, but said many of its properties continue
to be impacted by the challenging economy. [ID:nSGE6490UW]

TRANSITION THERAPEUTICS LOSS NARROWS

Biopharmaceutical company Transition Therapeutics Inc
(TTH.TO: ) (TTHI.N: ) posted a narrower quarterly loss on Monday,
and said it has adequate financial resources for expected
expenditures till the beginning of the first quarter of fiscal
2012. [ID:nSGE6490VM]

PARAMOUNT ENERGY PROFIT HALVES

Paramount Energy Trust (PMT_u.TO: ) on Monday said its
quarterly profit halved, hurt by a decrease in unrealized gains
on financial instruments, and it remained cautious about
near-term natural gas prices. [ID:nSGE6490UP]

RESEARCH ROUNDUP

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

Note: All values in RESEARCH ROUNDUP in Canadian currency,
unless otherwise stated.

* Canfor Pulp Income Fund (CFX_u.TO: ) rating cut to
outperform from strong buy at Raymond James

* Cinch Energy (CNH.TO: ) target price cut to $1.60 from
$1.75; rating outperform at Raymond James

* Ensign Energy Services (ESI.TO: ) price target cut to
$16.25 from $17.50; rating outperform at Raymond James

* Shawcor Ltd (SCLa.TO: ) price target cut to $43 from $45;
rating overweight at Thomas Weisel

* Softchoice (SO.TO: ) price target raised to $11.50 from
$9.50; rating outperform at Raymond James

* Trican Well Service (TCW.TO: ) rating raised to strong buy
from outperform at Raymond James

* Uranium One (UUU.TO: ) price target cut to $3.50 from
$3.70; rating outperform at Raymond James

Penny Stocks

($1=$1.023 Canadian)
(Reporting by Bangalore newsroom, editing by Savio D’Souza and
Jeffrey Hodgson)

CANADA STOCKS-TSX may open lower on euro zone worries, lower oil