Canadian stocks are poised for a lower open Tuesday amid falling commodities and mixed cues from the global equity markets. While most Asian markets ended higher overnight, European shares were lingering in red after the latest setback in the efforts to restructure Greek debt.
U.S. stock futures were pointing to a lower open.
On Monday, the S&P/TSX Composite Index extended gains for a fourth session, adding 124.61 points or 1.00 percent to 12,521.70.
The price of crude oil moved down Tuesday morning as concerns over the euro zone debt situation overshadowed supply worries after EU's oil embargo of Iran. Today after the market hours, the API will release its report on U.S. crude oil inventories for the weekended January 20. Analysts expect crude oil inventories to gain 800,000 barrels last week. Crude for March was down $0.66 to $98.91 a barrel.
The price of gold was leveling off from its 6-week high Tuesday morning amid a steady U.S. dollar. Gold for February shed $12.60 to $1,665.70 an ounce.
In corporate news from Canada, analog and semiconductors company Gennum Corp. (GND.TO) said it would be acquired by Semtech Corp. (SMTC) for C$13.55 in cash for each of its common share, valuing the company at about C$500 million. Gennum closed Monday at C$6.150.
Canadian National Railway (CNR.TO) reported improved fourth quarter net income of C$592 million or C$1.32 per share compared to C$503 million or C$1.08 per share in the year ago quarter. Adjusted net income for the latest quarter was $581 million, or $1.30 per share. Further, the company approved a 15 percent increase in its quarterly cash dividend to C$0.375 per common share.
Paraguay focused uranium miner Cue Resources Ltd. (CUE.V) said it would be acquired by Uranium Energy Corp. (UEC) in exchange of 0.0195 share of Uranium Energy common stock for every one share of Cue Resources common stock.
Management and holding company Genterra Capital Inc.(GIC.V) swung to profit in the full year ended September 30, 2011, reporting net earnings of C$0.2 million or C$0.02 per share compared to a net loss of C$0.50 million or C$0.07 per share a year ago.
In economic news, Statistics Canada said retail sales rose for a fourth straight month, increasing 0.30 percent to C$38.70 billion in November.
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