RTTNews - Canadian stocks may struggle to find direction early Friday as U.S. futures are flat and commodities are seeing modest movement. Bay Street's main index is seeking a fourth straight positive close.
Crude oil is down 3 cents to $70.20 per barrel in electronic trading, after surging above $70 yesterday. Gold is up $8.10 to $947.60 per ounce and copper is off 2.4 cents to $2.338 per pound.
In corporate news, Potash Corporation of Saskatchewan Inc. (POT.TO) said Thursday night it now expects second quarter earnings to be US$0.70 per share, compared to its prior guidance of US$1.10 to US$1.50 per share. Analysts expect the company to earn US$0.93 per share.
OPTI Canada (OPC.TO) saw its price target lowered to C$3.25 from C$4 at UBS, which maintained its Buy rating for the oil-sands company.
Teck Resources (TCK.B.TO) had its target price dropped to C$21 from C$22 by UBS, but kept its Buy rating.
Mosaid Technologies (MSD.TO) reported adjusted fourth-quarter net income of C$7.7 million or C$0.75 per share, up 26% from C$6.1 million or C$0.57 per share in the same quarter last year.
Shaw Communications (SJR-B.TO) reported that its third quarter net income was C$132 million or C$0.31 per share, compared to C$128 million or C$0.30 per share for the same period last year.
Sun Life Financial Inc. (SLF.TO) said it plans to issue in Canada up to C$300 million principal amount of Series D Senior Unsecured 5.70% Debentures due 2019.
Across the border, a Commerce Department report showed that personal income jumped 1.4 percent in May following an upwardly revised 0.7 percent increase in April. Economists had expected income to rise 0.3 percent compared to the 0.5 percent growth originally reported for the previous month.
Additionally, the Commerce Department also said that personal spending rose 0.3 percent in May after coming in unchanged in the previous month. The moderate increase in spending came in line with economist estimates.
On Thursday, the S&P/TSX Composite Index gained 254.92 points or 2.52% to end at 10,355.85. The index closed at its best level since June 16.
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