TSX may open down as commodities, earnings drag

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(Reuters)

TORONTO (Reuters) - Toronto's main stock index may open lower on Wednesday as a rash of weaker quarterly earnings and a pullback in oil prices could unsettle investor sentiment and weigh on the resource-heavy index.

A decline in stocks could also be driven by equities in the United States, where stock index futures fell as investors seek insight into the health of the economy a day after disappointing consumer confidence data.

The S&P/TSX composite index , which has closed lower in three-straight sessions, fell 181.34 points, or 1.61 percent, to 11,053.54 on Tuesday.

Here is some news that could affect the market:

NEXEN INC

Nexen Inc's third-quarter profit fell 86 percent as oil prices tumbled from the lofty levels of a year earlier, Canada's fourth-largest independent oil explorer said on Wednesday.

CANAM GROUP INC

Construction products maker Canam Group Inc reported a 71 percent drop in quarterly profit, which also came in below market expectations, reflecting a slowdown in non-residential construction.

MAGNA INTERNATIONAL

Magna International said it can clinch a contract to buy a majority stake in carmaker Opel from General Motors even as GM's board weighs its final choice, Magna's co-chief executive said.

CANWEST GLOBAL COMMUNICATIONS CORP

Canada's Canwest Global Communications Corp said late on Tuesday it would transfer its assets of National Post to a new entity, pending court approval, as part of its process to recapitalize the whole company.

METHANEX CORP

Methanex Corp, the world's largest producer of methanol, on Tuesday reported a third-quarter loss, hurt in part by unplanned outages at its Chile and Trinidad plants.

OPEN TEXT CORP

Business software maker Open Text Corp posted an 88-percent drop in quarterly profit on Tuesday as C$18.6 million ($17.5 million) in unspecified charges offset the impact of stronger revenue.

OIL PRICES SLIDE

Oil fell below $79 a barrel on Wednesday, pressured by weaker equities and a stronger U.S. dollar.

GOLD PRICES STEADY

Gold prices held near $1,035 an ounce in Europe on Wednesday, little changed from the previous session, as the U.S. dollar steadied against the euro after hitting a two-week high earlier this week.

RESEARCH ROUNDUP:

Following is a summary of research actions on Canadian companies reported by Reuters. For more, please double click

* Genuity raises Rogers Communications price target 3 percent to C$33 with a "hold" rating.

* Raymond James upgrades Canadian Pacific Railway Ltd to "outperform" from "market perform."

($1=$1.08 Canadian)

(Reporting by Frank Pingue; Editing by Padraic Cassidy)