Another Upgrade, Another Spurt-Up

This time, it's Alberta phone company Telus. The company was the beneficiary of an upgrade from Merrill/Bank of America on Thursday afternoon. Initially, the stock didn't react. On Friday, though, the stock shot up 4.46% to close at a year-to-date high. 1.42% of that gain was taken away in after-hours trading.

By my own reckoning, TELUS doesn't have the greatest of financials over the last ten years. Ten-year continuing-operations EPS growth is less than the S&P's, and its ten-year return on equity is 5.76% as calculated in C$ terms using Canadian GAAP figures. I haven't seen that upgrade, but it's likely based on recovery prospects for the Albertan economy.