CANADA STOCKS-TSX may open lower on Greece fears

May 4 (BestGrowthStock) – Toronto’s main stock index could open
lower on Tuesday as investors fret over whether Greece can make
deep spending cuts as part of a deal to end its fiscal crisis,
while also watching key company results from both sides of the
border.

Wall Street is also set for a lower open. Investors will be
closely watching the progress of a Wall Street reform bill as
voting begins in the Senate. [.N]

European stocks fell sharply as mounting doubts over
Greece’s bailout and fear of contagion to other euro zone
countries rattled investors.

Asian markets outside Japan were lower with China’s key
stock index shedding 1.23 percent on concerns over further
tightening of monetary policy.

Here is some news that could affect stock prices:

OIL DROPS

U.S. crude oil fell more than $1 to around $85 a barrel on
Tuesday, retreating from 19-month highs, depressed by an
expected rise in U.S. crude and fuel stocks and a stronger
dollar. [O/R]

COPPER FALLS

Copper tumbled to two-month lows on Tuesday as the dollar
rose against the euro and the market fretted about tightening
in China, the world’s largest consumer of industrial metals.
[MET/L]

GOLD HITS 5-MONTH HIGH

Gold hit five-month highs on Tuesday and record peaks in
euro, sterling and Swiss franc terms as doubts over the
effectiveness of a Greek bailout and fears of contagion to
other euro zone economies prompted haven buying of the metal.
[GOL/]

C$ FALLS VS US$

Canada’s dollar fell sharply against the U.S. currency on
Tuesday as investors steered away from risk on jitters about
Greece’s aid package, rattling oil and equity markets. [CAD/]

SUNCOR POSTS PROFIT

Canada’s No. 1 energy company Suncor Energy Inc’s (SU.TO: )
quarterly profit beat market expectations on Tuesday, helped by
additional production from its acquisition of Petro-Canada and
higher crude oil prices. [ID:nN03213638]

THOMSON REUTERS PROFIT FALLS

News and data provider Thomson Reuters Corp (TRI.N: )
(TRI.TO: ) reported a lower quarterly profit on Tuesday,
reflecting the lingering effects of the financial crisis on
sales to its business and legal clients. The company reiterated
that net sales would strengthen in 2010, and that revenue would
grow again in the second half. [ID:nN03214917]

WESTJET’S PROFIT FALLS

Canada’s second-biggest airline, WestJet Airlines Ltd
(WJA.TO: ) reported a 63 percent drop in its first-quarter profit (Read more your timing to make a profit.)
on Tuesday, hurt in part by rising fuel costs. [ID:nN04258610]

SIMON BIDS FOR ALL OF GENERAL GROWTH

Simon Property Group Inc (SPG.N: ) has bid $5.8 billion for
all of General Growth Properties Inc (GGP.N: ), even as its offer
to buy a minority stake in its rival was rejected, sources
familiar with the matter said on Monday. General Growth said it
had accepted an investment plan led by Brookfield Asset
Management (BAMa.TO: ) over the one from Simon, but it was
reviewing Simon’s proposal. [ID:nN03171164]

AGNICO MULLS DIVIDEND HIKE

Agnico-Eagle Mines (AEM.TO: ) may raise its shareholder
dividend when it sets its 2011 budget in December, as the
company tries to attract a wider pool of shareholders, its
chief financial officer said on Monday. [ID:nN03227165]

LOBLAW PROFIT JUMPS

Loblaw Cos Ltd (L.TO: ) said on Tuesday that its profit
jumped 25 percent, topping expectations, as Canada’s largest
supermarket chain benefited from a rising Canadian dollar and
the purchase of an ethnic grocery store chain. [ID:nN04190219]

FAIRBORNE ENERGY RESULTS

Canadian oil and natural gas company Fairborne Energy Ltd
(FEL.TO: ), on Tuesday, posted a quarterly profit that topped
market estimates, helped by lower operating and transportation
costs. [ID:nSGE6430ET]

STELLA-JONES PROFIT FALLS

Wood utility poles maker Stella-Jones Inc (SJ.TO: ) on
Tuesday reported a 25 percent decline in quarterly profit, hurt
by softer pricing and weaker railway tie sales, and said it
expects demand levels to remain similar to last year.
[ID:nSGE6430H6]

YAMANA GOLD REVENUE JUMPS

Yamana Gold’s (YRI.TO: ) first-quarter revenue jumped 62
percent on higher gold prices and rising production, the
company said on Monday, but its profit eased due to a huge
foreign exchange gain in the year-before period.
[ID:nN03229401]

FRANCONIA MINERALS UPS BIRCH LAKE STAKE

Canadian mineral exploration company Franconia Minerals
Corp (FRA.TO: ) raised its ownership interest in the Birch Lake
mineral property to 70 percent. [ID:nSGE6430HY]

BROOKFIELD REAL ESTATE RESULTS

Brookfield Real Estate Services Fund’s (BRE_u.TO: ) on
Tuesday said that its quarterly income more than tripled,
helped by increase in home sale activity, and said the housing
market is poised to moderate in 2010. [ID:nSGE6430HG]

ABSOLUTE SOFTWARE LOSS NARROWS

Absolute Software Corp (ABT.TO: ) narrowed third quarter loss
on Monday, but the data protection software company said it
performed lower than its own expectations hurt by a slowdown in
sales growth. [ID:nSGE6420JJ]

MERCER LOSS NARROWS

Mercer International Inc (MRIu.TO: ) (MERC.O: ) on Monday
posted a narrower first-quarter loss, helped by strengthening
pulp markets. [ID:nSGE6420LA]

RESEARCH ROUNDUP

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

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

* Alange Energy (ALE.V: ) price target cut to 45 cents from
60 cents; rating market perform at Raymond James

* Iteration Energy (ITX.TO: ) price target raised to $1.83
from $1.4 at Genuity

* Shaw Communications (SJRb.TO: ) price target cut to $19
from $21 at Genuity

* Wescast Industries (WCSa.TO: ) price target raised to $9.5
from $8.75 at Genuity

Stock Market Advice

($1=$1.02 Canadian)
(Reporting by Bangalore newsroom, editing by Savio D’Souza and
Jeffrey Hodgson)

CANADA STOCKS-TSX may open lower on Greece fears