U.S. equity index futures are slightly higher this morning. S&P 500 futures are up 2 points in pre-opening trade. Slight weakness in the U.S. Dollar contributed to strength. Commodities sensitive to weakness in the U.S. Dollar including copper, gold, silver and crude oil traded slightly higher.
Evidence of an economic recovery in Canada continues to surface. Canadian housing starts rose 5.8% to 186,300 units in January. Consensus was a gain of 180,000.
U.S. analysts are becoming more bullish on Canadian energy stocks. This morning Morgan Stanley raised its rating on Canadian Natural Resources from Equal Weight to Overweight.
Credit Suisse upgraded another base metal stock this morning. Southern Copper was upgraded from Underperform to Outperform. Target price was increased from $31.50 to $34.
Morgan Stanley upgraded Home Depot from Equal Weight to Overweight. Home Depot added 2% in overnight trade.
UBS upgraded Harry Winston Diamond from Neutral to Buy.
Hasbro added 9% after reporting higher than consensus fourth quarter earnings.
CVS Caremark added 3% after reporting higher than consensus fourth quarter earnings.
CIT Group added 4% after announcing that John Thain will become chief executive officer of the company.
Don Vialoux, chartered market technician, is the author of a free
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