U.S. equity index futures are lower this morning. S&P 500 futures are down 4 points in pre-opening comments.
Index futures were unchanged following release of the December Case/Shiller home price index. Consensus was a year-over-year decline of 3.1% versus a decline of 5.3% in November for the 20 largest U.S. cities. Actual was a decline of 3.1%.
Several U.S. retail merchandisers reported higher than expected fourth quarter earnings overnight including Home Depot, Target and Macy’s. Home Depot also raised its dividend.
Stifel Nicolaus initiated coverage on the Smart Phone sector. Buy recommendations were given to Research in Motion and Nokia.
U.S. analysts continue to upgrade U.S. energy stocks. Argus upgraded Occidental Petroleum from Hold to Buy with a target price of $95.
Brookfield Asset Management is rumored to be preparing a “white knight” bid for General Growth Properties. Simon Properties bid on the company last week. General Growth Properties technically is in bankruptcy protection.
TransCanada reported lower than consensus fourth quarter earnings.
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