U.S. Index Futures Little Changed With Equities at Record
New York (Nov 10) U.S. stock-index futures were little changed, after the Standard & Poor’s 500 Index posted a third weekly gain, as investors watched corporate results.
Futures on the S&P 500 expiring in December rose 0.1 percent to 2,028.6 at 7:26 a.m. in New York. Dow Jones Industrial Average contracts added 18 points, or 0.1 percent, to 17,519 today.
“There is no downward pressure and people are waiting for another leg upwards,” Herbert Perus, who helps oversee $36 billion as head of equities at Raiffeisen Capital Management in Vienna, said in a phone interview. “One of the triggers could be the company news out this week with quarterly figures from Cisco and Wal-Mart.”
Sixteen companies on the S&P 500 (SPX) report earnings this week, including Cisco Systems Inc. and Wal-Mart Stores Inc. Of those that have posted results so far, 80 percent beat estimates for profit and 60 percent topped sales estimates, according to data compiled by Bloomberg.
The S&P 500 has rebounded 9.1 percent from a six-month low on Oct. 15 amid better-than-estimated company earnings and economic data. It closed at a record 2,031.92 on Nov. 7.
Cisco, which will release its financial report on Nov. 12, dropped 0.6 percent to $25.18 in early New York trading.
BlackBerry Ltd. added 1.1 percent to $10.65 in premarket trading after Chief Executive Officer John Chen said he’s interested in partnerships to expand in China. He spoke after meeting Xiaomi Corp.’s Chief Executive Officer Lei Jun, and Lenovo Group Ltd.’s head Yang Yuanqing, at the Asia-Pacific Economic Cooperation CEO Summit.
Groupon Inc., the online-discounts company, slipped 1.2 percent to $7.41 in early New York trading.
Abercrombie & Fitch Co. (ANF) retreated 0.8 percent to $29.27 in German trading after Oppenheimer & Co. downgraded the shares to market perform, or hold, from outperform, or buy.
Conversant Inc. (CNVR) may move after posting third-quarter revenue and earnings that missed analysts’ estimates.
Source: Bloomberg
