Stock Futures Rise, Nasdaq Is Poised to Hit a New Record
New York (Feb 8) Stock futures rose Wednesday in another session chock full of corporate earnings reports, while energy shares could be under pressure as oil prices decline.
S&P 500 futures rose 0.03%, Dow Jones Industrial Average futures increased 0.08%, and Nasdaq futures were up 0.09%.
The Dow on Tuesday finished at 20,090, up 0.19%, but well off a new intraday record high of 20,155 set earlier in the session. The Nasdaq also gained 0.19%, posting a new record close of 5,674. The S&P 500 struggled for direction throughout most of Tuesday's trading day, closing up just 0.02%.
Oil prices in the U.S. early Wednesday fell 0.6% to $51.85 a barrel after declining 1.6% in the previous session after weekly data showed a sustained build-up in U.S. oil inventory. Official government data on crude inventories for the week ended Feb. 4, are due at 10:30 a.m. EST.
The Energy Select Sector SPDR ETF (XLE) was down 0.4% in premarket trading.
Time Warner (TWX) posted adjusted earnings in the fourth quarter of $1.25 a share, topping analysts' forecasts of $1.19. The parent HBO and CNN parent has been on watch as the federal government hasn't provided regulatory approval of AT&T's (T) $85.4 billion acquisition of the media giant.
Walt Disney (DIS) shares fell 0.3% in premarket trading after the company said adjusted earnings in its fiscal first quarter fell 10% year over year to $1.55 a share but still topped analysts' estimates of $1.49. Revenue declined 3% in the quarter ended Dec. 31, to $14.78 billion and fell short of Wall Street's projected $15.27 billion.
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CEO Bob Iger, when asked on the company's quarterly conference call Tuesday about a recent report in The Wall Street Journal that he might extend his contract beyond a previously planned retirement date of June 2018, read a carefully prepared statement.
"I'm going to do what's in the best interest of this company which is something that the board is clearly going to help determine," said Iger, who turns 66 on Friday. "While I'm confident that my successor will be chosen on a timely basis and chosen well, if it's in the best interest of the company to extend my term, I'm open to that."
Gilead Sciences (GILD) was tumbling 6.3% in premarket trading Wednesday after the biotech company said total product sales would decline sharply in 2017, hurt by falling patient demand and lower net prices for the company's hepatitis C drugs.
Priceline Group (PCLN) shares closed up 0.7% Tuesday after the company said it would purchase Momondo Group, which operates Cheapflights, in a $550 million all-cash deal.
Allergan (AGN) posted fourth-quarter adjusted earnings of $3.90 a share, topping Wall Street estimates of $3.75. The stock rose 3% in premarket trading.
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Humana (HUM) reported adjusted earnings of $2.09 a share, beating Wall Street estimates of $2.05. Fourth-quarter revenue of $12.9 billion missed expectations.
Earnings are also expected Wednesday from Yum! Brands (YUM) and Whole Foods Market (WFM) .
Source: TheStreet
