Celestica, EnCana, Magna, Harry Winston: Canada Stock Preview

By John Kipphoff

Oct. 24 (Bloomberg) -- The following companies may have unusual price changes in Canadian trading today. Stock symbols are in parentheses, and share prices are from yesterday's close in Toronto.

The Standard & Poor's/TSX Composite Index rose 1 percent to 9,331.35. Canada's main stock benchmark has fallen 2.4 percent in four days and is poised for a 21 percent drop in October, its steepest monthly decline since the October 1987 crash.

Stocks in Asia and Europe tumbled. U.S. stock futures dropped, sending contracts on the Dow Jones Industrial Average and the Standard & Poor's 500 Index down by their daily limit, as lower sales and profits at automakers and technology companies stoked concern that the financial crisis will cause a global recession.

Diamond miners, explorers and retailers may be active after RBC Capital Markets lowered its diamond price forecast by 10 percent for the next two years with Christmas sales in the U.S. expected to be ``disappointing.'' Harry Winston Diamond Corp. (HW CN) fell 1.5 percent to C$9.66. Shore Gold Inc. (SGF CN) dropped 15 percent to 61 cents. Stornoway Diamond Corp. (SWY CN) added 9.1 percent to 12 cents.

Energy companies may fall after crude oil extended its drop on speculation a potential OPEC output cut will fail to stave off price declines. EnCana Corp. (ECA CN) gained 8.5 percent to C$55.05. Suncor Energy Inc. (SU CN) fell 1 percent to C$26.20. Canadian Natural Resources Ltd. (CNQ CN) advanced 3.6 percent to C$51.02. Canadian Oil Sands Trust (COS-U CN) rose 2.2 percent to C$27.80. Imperial Oil Ltd. (IMO CN) gained 7.2 percent to C$39.11.

Celestica Inc. (CLS CN): The maker of electronic parts said it expects to earn as much as 24 cents a share in the fourth quarter. Analysts, on average, anticipated profit of 19 cents, according to a Bloomberg survey. The shares fell 0.9 percent to C$4.68.

Magna International Inc. (MG/A CN): North America's biggest auto-parts maker had its share-price estimate cut 23 percent to $50 (C$63.45) by UBS AG analyst Fadi Chamoun in Toronto, who cited falling North American production. The shares fell 2.9 percent to C$39.77.

To contact the reporter on this story: John Kipphoff in Toronto at jkipphoff@bloomberg.net.