U.S. equity index futures are mixed this morning. S&P 500 futures are up 1 point in pre-opening trade. Traders are waiting for news from a series of news events include testimony by Treasury Secretary Tim Geithner, minutes from the FOMC meeting and President Obama’s State of the Union address.
Apple added 1% in anticipation of launch of its tablet product this morning.
Toyota fell 7% after suspending production and sales of many of its North American products due to a recall triggered by sticky accelerator pedals.
Several S&P 500 companies reported higher than consensus fourth quarter earnings including Caterpillar, Boeing, United Technologies, United Airlines and ConocoPhillips. In addition, Yahoo reported higher than consensus revenues.
Canadian National Railway reported slightly lower than consensus fourth quarter earnings. However, the company also announced a small increase in its dividend and offered positive guidance for 2010.
‘Tis the season for U.S. oil service stocks to move higher! Baker Hughes was upgraded from Market Perform to Outperform by Calyon. Target was raised from $45 to $55. Rowan Companies was upgraded from Neutral to Buy at MKM Partners.
Bank of America/Merrill reinstated coverage of the fertilizer sector by giving Agrium, Mosaic and Potash Corp. a Buy recommendation. Target for Agrium is $71. Target for Mosaic is $75. Target for Potash Corp is $140.
Cenovus was upgraded by Macquarie from Market Perform to Outperform. Target is $31.
Amazon.com added 1% after several investment firms upgraded the stock.
Aurizon Mines was upgraded from Market Perform to Outperform by Raymond James.
Don Vialoux, chartered market technician, is the author of a free
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