US stock-index futures advanced on Tuesday as better-than-expected corporate earnings boosted investor confidence.
At 8:18 am ET, the S&P 500 futures rose 1.70 points to 1,302.80. The Dow Jones Industrial average futures increased 28 points to 12,168. The Nasdaq Composite futures advanced 3 points to 2,293.
The Commerce Department reported Tuesday that housing starts rose 7.2% in March to a seasonally adjusted annual rate of 549,000. Building Permits climbed 11.2% to annual rate of 694,000. Economists expected housing starts to increase to an annual rate of 520,000.
Intel Corporation (NASDAQ: INTC) is scheduled to release its first-quarter earnings after the closing bell on Tuesday, April 19, 2011. Analysts, on average, expect the company to report earnings of 46 cents per share on revenue of $11.60 billion. In the year ago period, the company reported earnings of 43 cents per share on revenue of $10.30 billion.
Goldman Sachs Group, Inc. (NYSE: GS) said Tuesday that its first quarter profit dropped to $2.7 billion, or $1.56 per share , from $3.3 billion, or $5.59 a share, in the year-earlier quarter. Excluding the preferred dividend of $1.64 billion related to the redemption of the firm's Series G Preferred Stock, earnings per share were $4.38 for the first quarter of 2011. Revenue declined to $11.89 billion from $12.78 billion. Analysts, on average, expected the company to report earnings of 82 cents per share on revenue of $10.18 billion.
Johnson & Johnson (NYSE: JNJ) said Tuesday that its first quarter profit dropped to $3.5 billion, or $1.25 from $4.53 billion, or $1.62 per share, in the year-earlier quarter. On an adjusted basis, the company earned $1.35 a share in the latest quarter. Revenue rose to $16.2 billion from $15.63 billion. Analysts, on average, expected the company to report earnings of $1.26 per share on revenue of $15.83 billion. The company raised its earnings guidance for full-year 2011 to $4.90 to $5.00 per share, reflecting both currency exchange rate changes and recent developments in the business.
Seagate Technology Plc (NYSE: STX) said Tuesday that its fiscal third-quarter profit dropped to $93 million, or 21 cents a share, from $518 million, or $1 a share, in the year-earlier quarter. On an adjusted basis, the company earned 25 cents a share in the latest quarter. Revenue decreased to $2.70 billion from $3.05 billion. Analysts, on average, expected the company to report earnings of 27 cents per share on revenue of $2.66 billion.
Harley-Davidson Inc. (NYSE: HOG) reported Tuesday that its first-quarter profit surged to $119.3 million, or 51 cents a share, from $33.3 million, or 14 cents a share, in the year-earlier quarter. Revenue rose to $1.06 billion from $1.04 billion. Analysts, on average, expected the company to report earnings of 53 cents per share on revenue of $1.05 billion.
After Monday's closing bell, Texas Instruments Inc. (NYSE: TXN) reported late Monday that its first quarter net income rose 1% to $666 million or 55 cents per share, from $658 million, or 52 cents a share, in the year-ago quarter. The chipmaker said the earnings were impacted by about 2 cents a share due to the Japan earthquake.Revenue climbed to $3.39 billion from $3.20 billion. Analysts, on average, expected the company to report earnings of 58 cents per share on revenue of $3.40 billion.
European stocks advanced in afternoon trade. At 13:26 pm London Time, the UK FTSE rose 39.98 points, or 0.68%, to 5,910.06. The German DAX and French CAC increased 0.52% and 0.83% respectively.
Asian stocks finished lower. The Nikkei 225 fell 115.62 points, or 1.21%, to 9,441.03. The Hang Seng index of Hong Kong declined 309.69 points, or 1.30%, to 23,520.62.
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