U.S. equity index futures are higher this morning. S&P 500 futures are up 3 points in pre-opening comments. Futures are responding to President Obama’s State of the Union speech last night.
Index futures moved slightly higher following release of economic news at 8:30 AM. Weekly jobless claims fell 8,000. December Durable Goods Orders improved 0.3% versus a gain of 0.2% in November. Of greater importance, Durable Goods Orders ex aircraft sales rose 0.9%.
Today the Senate starts the process of approving the reappointment of Federal Reserve Chairman, Ben Bernanke. Approval must be completed by January 31st
Lots of companies reported higher than consensus fourth quarter earnings this morning including Ford, Netflix, Motorola, Procter & Gamble, MMM, Lockheed Martin, Celestica, Canadian Pacific, Nokia, Time Warner Cable and Potash Corp.
Celestica was upgraded from Market Perform to Outperform at Raymond James.
Notable among companies reporting less than consensus fourth quarter earnings were Eli Lilly and Qualcomm.
‘Tis the season for U.S. oil and gas exploration companies to move higher from January 30th to April 13th! U.S. analysts are starting to recommend individual U.S. oil and gas exploration stocks. This morning Wells Fargo upgraded Apache from Market Perform to Outperform. In addition, Barclays upgraded Anadarko from Market Perform to Outperform. Target price is $82.
Oil service stocks are expected to move higher on media reports this morning that demand for oil services has grown to a level where the industry is experiencing a shortage in skilled labour.
BHP Billiton has offered to purchase Athabasca Potash for $8.15 per share.
Don Vialoux, chartered market technician, is the author of a free
daily report on equity markets, sectors, commodities, equities and
Exchange-Traded Funds. For more visit Don Vialoux's Web site