Friday, April 29, 2011

US Stock Futures Rise After Spending Data, Microsoft (NASDAQ: MSFT) Eyed


US stock-index futures advanced on Friday afte strong quarterly results from Caterpillar and Merck lifted investor sentiment. 

At 8:31 am ET, the S&P 500 futures rose 2.70 points to 1,357.60. The Dow Jones Industrial average futures increased 23 points to 12,731. The Nasdaq Composite futures climbed 2.25 points to 2,404.

A release by Commerce Department showed that US consumer spending, which accounts for nearly two third of the economy, increased 0.6% in March. Personal income increased 0.5% in March. 

After Thursday's closing bell, Microsoft Corp. (NASDAQ: MSFT) reported that its fiscal third-quarter profit rose to $5.2 billion, or 61 cents a share, from $4 billion, or 45 cents a share, in the year-earlier quarter. Revenue climbed 13% to $16.43 billion from $14.5 billion in the same quarter last year. Analysts, on average, expected the company to report earnings of 56 cents per share on revenue of $16.19 billion. Microsoft shares dropped nearly1.90% in Friday's pre-market trading. 

Chevron Corp. (NYSE: CVX) said Friday that its first-quarter profit rose to $6.2 billion, or $3.09 per share, from $4.6 billion, or $2.27 per share, in the prior-year quarter. Revenue rose to $58 billion from $47 billion. Analysts, on average, expected the company to report earnings of $3.04 per share on revenue of $66.62 billion.

Caterpillar Inc. (NYSE: CAT) reported Friday that its first-quarter profit climbed to $1.23 billion, or $1.84 a share, from $233 million, or 36 cents a share, in the year-earlier quarter. Revenue grew to $12.95 billion from $8.24 billion. Analysts, on average, expected the company to report earnings of $1.30 a share on revenue of $11.4 billion.

Merck & Co. (NYSE: MRK) said Friday that its first-quarter net income more than tripled to $1.04 billion, or 34 cents a share, from $299 million, or 9 cents a share, in the year-earlier quarter. On an adjusted basis, the company earned 92 cents a share in the latest quarter. Revenue grew 1% to $11.58 billion from $11.42 billion. Analysts, on average, expected the company to report earnings of 84 cents per share on revenue of $11.37 billion.  

European stocks were little changed in afternoon trade. At 13:42 pm London Time, the UK FTSE rose 1.74 points, or 0.03%, to 6,069.90. The German DAX increased 0.35% while French CAC slipped 0.05%.

Full Disclosure: None.
Related Posts with Thumbnails

Wikinvest Wire