TOKYO, Oct 30 (Reuters) - Japan's Nikkei stock average is likely to rise on Friday, with Canon Inc and other exporters strong after data showing the U.S. economy had returned to growth cheered investors, sending Wall Street higher.
Japan Airlines Corp will be in the spotlight after saying on Thursday it would apply for assistance from a state-backed corporate turnaround body, setting the stage for a large injection of public funds into the troubled airline.
The U.S. government's first estimate of U.S. gross domestic product showed the economy expanded at an annual rate of 3.5 percent in the third quarter, the first quarter of growth after more than a year of contraction.
"The Nikkei is likely to rise broadly after the U.S. GDP data sent Wall Street higher," said Hiroichi Nishi, general manager at the equity division of Nikko Cordial Securities.
"The Nikkei's falls earlier this week have made prices attractive for investors, but because today is the end of the week as well as the end of the month, look for profit-taking at the highs."
Other market players said that while the GDP data was extremely positive, investors were likely to remain somewhat wary ahead of a slew of U.S. events and economic indicators next week, including a Federal Reserve meeting, limiting gains a bit.
Japan's earnings season peaks on Friday, with big names such as Sony Corp, Toshiba Corp and Panasonic all due to announce after the close.
Market players said the benchmark Nikkei was likely to move between 9,900 and 10,100. It closed at 9,891 on Thursday, a three-week low.
In a sign that the Nikkei is likely to open higher, Nikkei futures traded in Chicago closed at 10,050, up 1.7 percent from the Osaka close. STOCKS TO WATCH
-- Nintendo Co Ltd
Nintendo reported a 52 percent slide in quarterly profit on Thursday and slashed its full-year forecast, as the Wii console loses its title as the videogame platform to beat.
-- NEC Corp
NEC, Japan's biggest PC maker, cut its full-year operating profit outlook by 40 percent on deepening losses on its microchip unit and sluggish sales of its network systems.
-- Sharp Corp
Sharp posted its first quarterly profit in a year as TV and screen panel demand recovered, but a 15 percent fall in overall sales and a cautious company outlook means strong earnings growth is still elusive.
-- Olympus Corp
Olympus is expected to show a group operating profit of 28 billion yen for the April-September first half, beating the company's own forecast of 19 billion yen, the Nikkei business daily said on Friday.
-- All Nippon Airways
All Nippon Airways, Japan's second-largest airline, said it has been informed by South Korea's fair trade commission of a potential violation of competition law in its cargo operations.
-- Showa Shell Sekiyu KK
Showa Shell Sekiyu, Japan's fifth-largest oil refiner, said on Thursday it expects its crude runs for the fourth quarter to be nearly flat from a year earlier as an expected jump in oil exports offsets weak refining for the domestic market.
-- Japan Tobacco
The company raised its operating profit forecast by 11.5 percent to 272 billion yen for the year ending in March, citing a stronger ruble and other foreign currencies against the U.S. dollar than in its previous estimate, which would push up earnings at at its overseas subsidiary.
For the first half ended in September, operating profit fell 20 percent to 163.7 billion yen, hurt by a stronger yen.
-- Pioneer Corp
Struggling electronics maker Pioneer will roughly halve its planned fundraising to 20 billion yen after its finances improved on a pickup in earnings, the Nikkei business daily said on Friday.
After the close on Thursday, Pioneer narrowed its net loss forecast for the year to March 2010 to 59.5 billion yen from a loss of 83 billion yen. It raised its sales forecast to 451 billion yen from 420 billion yen. (Reporting by Elaine Lies; Editing by Chris Gallagher)