WEDNESDAY, MAY 23, 2012

TOP NEWS

• Bank of Montreal profit rises on U.S. acquisition

The bank's second-quarter profit rose by 27 percent, helped by the 2011 acquisition

of U.S. lender Marshall & Ilsley.

• Stage set for Hollande-Merkel showdown at summit

European leaders will try to breathe life into their stricken economies at a summit

over dinner, but disagreement over a plan for mutual bond issuance and

other measures to alleviate two years of debt turmoil has already been laid

bare.

• Canaccord has loss on lower revenue, higher costs

The financial services provider reported a fiscal fourth-quarter net loss, hurt by

lower revenues from its trading and investment banking businesses, and

higher costs tied to restructuring and acquisition-related items.

• Big Lots 2nd-quarter profit outlook misses street estimates

The close-out retailer posted a lower-than-expected adjusted profit for the first

quarter and forecast earnings that fell well below Wall Street estimates for the

current quarter, hurt by declining margins.

• PTT's $1.9 bln bid for Cove trumps Shell

Thailand's PTT Exploration and Production stoked the bid battle for Cove Energy,

topping Royal Dutch Shell with a 1.22-billion-pound offer that underscores

interest in new east African gas finds.

BEFORE THE BELL

Toronto’s main stock index was set for a lower open, a day after the index

posted its biggest one-day gain in six weeks, as skepticism over the outcome

of the EU summit rose. Disagreement between Merkel and Hollande over

common euro zone bonds could take centre stage and renewed talks of a

Greek exit weighed on risky assets. Retail sales and leading indicator data are

on the economic calendar. Wall Street was also set for a lower open, mirroring

European and Asian indexes. Oil fell on hopes of an Iran deal and gold

slipped.