Monday, May 9, 2011

US Stock Futures Point To Higher Open, Citigroup (NYSE: C) Eyed

US stock-index futures rose on Monday as investors welcomed a rebound in gold and silver prices.

At 8:21 am ET, the S&P 500 futures rose 3 points to 1,337.60. The Dow Jones Industrial average futures increased 35 points to 12,604. The Nasdaq Composite futures climbed 11 points to 2,384.50.

On Monday, Citigroup's (NYSE: C) shares started trading on a split-adjusted basis after its 1-for-10 reverse stock split. Commenting on the reverse stock split and reinstatement of a quarterly common stock dividend CEO Vikram Pandit said, "Taken together, we believe these actions will reduce volatility while broadening the base of potential investors. Now that we have established consistent profitability, we are working towards our next goal of responsible growth."

McDonald's Corp. (NYSE: MCD) said Monday that its April global comparable sales climbed 6%. Sales in the U.S. rose 4%; up 6.5% in Europe; and increased 6.5% in Asia, Middle East and Africa.

Tyson Foods Inc. (NYSE: TSN) said Monday that its fiscal second-quarter earnings were flat at $159 million, or 42 cents a share, when compared to the year-ago period. Sales climbed 15.7% to $8 billion from $6.92 billion. Analysts, on average, expected the company to report earnings of 43 cents per share on revenue of $7.52 billion.

Meanwhile, Standard & Poor's Ratings Services on Monday cut Greece's long-term sovereign credit rating to B from BB- due to concerns euro-zone officials are looking to extend the debt payment maturities of the European Commission's portion of the nation's 110 billion euro bailout. 

European stocks retreated in afternoon trade. At 13:40 pm London Time, the UK FTSE fell 47.05 points, or 0.79%, to 5,929.72. The German DAX and French CAC decreased 1.30% and 1.33% respectively.

Asian stocks finished mixed. The Nikkei 225 fell 64.82 points, or 0.66%, to 9,794.38. The Hang Seng index of Hong Kong climbed 176.86 points, or 0.76%, to 23,336.

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