U.S. equity index futures are slightly higher this morning. S&P 500 futures added 1 point in pre-opening trade. Index futures improved following released of economic news at 8:30 AM EST. Weekly jobless claims slipped 29,000 to 469,000. Revised fourth quarter Productivity increased from 6.2% to 6.9%.
Overnight lending rates by central banks over the pond were unchanged. Bank of England maintained its 0.5% rate. The European Central Bank maintained its 1.0% rate.
Canadian investors are waiting for the Federal Government’s budget to be announced after the close today. The Canadian Dollar rose overnight in anticipation of a budget that focuses on cost cutting. The Canadian Dollar is testing the top of its six month trading range.
Toronto Dominion Bank announced higher than expected first quarter earnings. Consensus was $1.35 versus $1.34 per share last year. Actual was $1.60 per share.
Disney added 1% after Bank of America/Merrill raised its rating from Neutral to Buy. Target was raised from $33 to $42. Disney is poised to move above resistance at $32.75 to reach a 17 month high.
Coca Cola added 1% after UBS upgraded the stock from Neutral to Buy. Target price is $62.
Wal-Mart added 1% after raising its annual dividend from $1.09 to $1.21 per share.
More good news from the Canadian energy sector! Canadian Natural Resources raised its dividend by 42%.
The technical outlook for North American oil service stocks continues to improve. See favourable technical and seasonal comments on Nabors and Trican Well Services at www.equityclock.com
Don Vialoux, chartered market technician, is the author of a free
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Exchange-Traded Funds. For more visit Don Vialoux's Web site