CANADA STOCKS-TSX may open lower on weak commodities, U.S. data

Oct 27 (BestGrowthStock) – Toronto’s main stock index could open
lower on Wednesday, hurt by a decline in commodity prices and
U.S. data showing durable goods orders rose more than expected,
but fell when transportation equipment was excluded.

FACTORS TO WATCH

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

* The Canadian dollar slipped further against the U.S.
dollar on Wednesday as the greenback rose broadly on
speculation the U.S. Federal Reserve would take a gradual
approach to quantitative easing next week. [CAD/]

* U.S. stock futures fell after durable goods orders rose
more than expected in September, but fell when transportation
equipment was excluded. [.N]

* European stocks were marginally higher, helped by strong
bank results, as investors assessed whether improving sentiment
might cause the U.S. Federal Reserve to be less aggressive in
monetary easing. [.EU]

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index (.CRB: ), a global
commodities benchmark, fell 0.62 percent in early trade.

* Oil fell below $82 a barrel, snapping a three-day rally
as mounting doubts about the size and timing of U.S. economic
stimulus pushed up the dollar. [O/R]

* Gold eased towards $1,330 an ounce in Europe as the
dollar firmed versus the euro after a report said the Federal
Reserve would likely adopt a gradual approach to further U.S.
monetary easing. [GOL/]

* Copper turned back from over two-year highs on Wednesday
as the dollar rose on speculation the U.S. Fed may buy fewer
bonds than first thought, although news of an exchange-traded
product listing cushioned losses. [MET/L]

CANADIAN STOCKS TO WATCH

* Canadian National Railway Co. (CNR.TO: ): Canada’s biggest
railway reported a better-than-expected 21 percent jump in its
third-quarter profit (Read more your timing to make a profit.) on Tuesday and predicted a strong end to
the year if the economy continues to hold up. [ID:nN26285904]

* Canadian Pacific Railway (CP.TO: ): Canada’s second-biggest
railway reported a 28 percent jump in third-quarter operating
profit on Wednesday, on the back of increased freight revenue.
[ID:nN26150309]

* Canam Group Inc. (CAM.TO: ): The construction equipment
maker on Wednesday reported higher-than-expected third-quarter
profit helped by increased volume of structural steel
construction projects. [ID:nSGE69Q0H6]

* Corus Entertainment (CJRb.TO: ): The media company reported
a 64 percent drop in fourth-quarter profit (Read more your timing to make a profit.), hurt by higher
expenses, but raised its dividend 25 percent. [ID:nSGE69Q0IW]

* Potash Corp. (POT.TO: ): The world’s top fertilizer maker
on Tuesday filed an amended complaint in its lawsuit against
unsolicited suitor BHP Billiton, offering fresh details from
the court’s ongoing discovery process in the case.
[ID:nN26177952]

* FirstService Corp (FSV.TO: ): The property manager posted a
third-quarter profit (Read more your timing to make a profit.) that marginally beat market estimates,
helped by a 43 percent rise in revenue from its commercial real
estate services segment. [ID:nSGE69Q0JM]

* Teck Resources (TCKb.TO: ): The diversified Canadian miner
said on Tuesday its third-quarter operating profit rose
sharply, driven by a surge in commodity prices, but earnings
fell short of market expectations partly due to higher costs.
[ID:nN26118379]

* TMX Group Inc. (X.TO: ): Toronto Stock Exchange operator on
Wednesday reported 22 percent rise in third-quarter profit (Read more your timing to make a profit.),
helped by lower expenses, and raised its dividend by 5 percent.
[ID:nN26158365]

* IESI-BFC Ltd. (BIN.TO: ): The waste-management company on
Tuesday reported a 25 percent rise in its third-quarter profit (Read more your timing to make a profit.),
helped by rising demand for its services in Canadian markets.
[ID:nSGE69O0L2]

* Ivanhoe Mines (IVN.TO: ): The miner said on Tuesday it has
filed counter-claims against Rio Tinto, in relation to an
arbitration process that was launched by the Anglo-Australian
miner earlier this year. [ID:nN26171159]

* Norbord Inc. (NBD.TO: ): The wood-based panels producer on
Wednesday reported wider-than-expected third-quarter loss, hurt
by an increase in costs, and said it expects oriented strand
board demand and prices to remain near cycle-bottom levels
during the seasonally softer winter. [ID:nSGE69Q0GW]

* Northland Resources Inc (NAU.TO: ): The minerals explorer
said it intends to sell its non-core, non-ferrous projects in
Sweden to Orex Minerals Inc (REX.V: ) in a cash-and-stock
transaction to focus on its iron ore assets. [ID:nSGE69Q0I0]

* Ecopetrol (ECP.TO: ): Colombia’s state oil firm said on
Tuesday that third-quarter net earnings rose 42.7 percent to
1.7 trillion pesos compared with the same period last year.
[ID:nN26178202]

ANALYST RECOMMENDATIONS

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

* Bankers Petroleum (BNK.TO: ) coverage started with sector
perform rating; price target of C$8 at RBC

* Canada Bread (CBY.TO: ) price target cut to C$55 from C$57;
rating outperform at RBC

* Canadian National Railway Co (CNR.TO: ) price target raised
to C$74.50 from C$72; rating neutral at UBS

* Rogers Communications Inc (RCIb.TO: ) price target cut to
C$44 from C$46; rating sector perform at RBC

* West Fraser Timber (WFT.TO: ) price target raised to C$41
from C$38; rating sector perform at RBC

($1=$1.03 Canadian)
(Reporting by Bangalore Newsroom; Editing by Jeffrey Hodgson)

CANADA STOCKS-TSX may open lower on weak commodities, U.S. data