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By Bryan McCormick

U.S. stock index futures are fractionally higher this morning after a mixed session in Asia and stronger trading in Eurozone and U.K. markets.

The turnaround in Europe this morning is due largely to a record Eurozone industrial output in January. According to Reuters, the gain was the biggest monthly increase on record.

LLY Chart

This has sent the euro higher as well, with the dollar now broadly weak against the other currencies in the basket. With the dollar lower, commodity prices are higher and emerging markets shares are outperforming.

In sell-side research, the following are a few of the notable calls. Jefferies initiated Eli Lilly (NYSE:LLY) with a "buy" rating. Deutsche Bank upgraded Southern Copper (NYSE:SCCO) to "buy." Piper Jaffray upgraded Aeropostale (NYSE:ARO) to "neutral." FBR Capital Markets downgraded Pacific Sunwear (NASDAQ:PSUN) to "market perform." BMO Capital Markets downgraded Facet Biotech (FACT) to "market perform."

In S&P 500 earnings for next week, only a handful of names are reporting. One of those companies, FedEx (NYSE:FDX), will be closely watched when it reports Thursday. As a company sensitive to economic conditions, its business or guidance could offer a glimpse into the strength of the current recovery.

Discover Financial Services (NYSE:DFS) will report on Tuesday, and we will hear from Nike (NYSE:NKE) on Wednesday. Thursday will be the largest reporting day, with results from Cintas (NASDAQ:CTAS), Gamestop (NYSE:GME), and Ross Stores (NASDAQ:ROST), as well as FedEx.

(Chart courtesy of tradeMONSTER)

Source: Europe Turnaround Drives Up Futures