Wednesday, March 30, 2011

US Stock Futures Rise After ADP Data, Apple (NASDAQ: AAPL) Eyed

US stock-index futures gained on Wednesday after ADP report showed that private-sector employers added 201,000 jobs in March,. 

At 8:41 am ET, the S&P 500 futures rose 6.30 points to 1,322.80. The Dow Jones Industrial average futures climbed 50 points to 12,275. The Nasdaq Composite futures advanced 17 points to 2,339.50.

ADP survey on Wednesday reported that private-sector employers added 201,000 jobs in March, matching estimates.

PPG Industries (NYSE: PPG) on Wednesday announced that it anticipates first quarter 2011 earnings will be in the range of $1.30 to $1.35 per diluted share. This compares with adjusted earnings of 69 cents per diluted share and 18 cents per diluted share in the first quarters of 2010 and 2009, respectively.

Jefferies on Wednesday lowered estiamtes on Apple (NASDAQ: AAPL) citing later iOS 5 and iPhone 5 launches, but kept its Buy rating and $450 price target. "We believe that iOS 5 and the iPhone 5 (both previously expected this summer) are now unlikely to be available earlier than this fall as Apple incorporates new cloud-based services," analyst Peter Misek stated.

European stocks were little changed in afternoon trade. At 13:28 pm, the UK FTSE rose 29.27 points or 0.49% to 5,961.44. The German DAX and French CAC increased 1.77% and 0.97% respectively.

Asian stocks finished lower. The Nikkei 225 lost 57.60 points or 0.60% to 9,478.53. The Hang Seng index of Hong Kong jumped 391.07 points or 1.70% to 23,451.43.

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