U.S. Stock Futures Rise as Tech Earnings Offset Credit Concerns
U.S. Stock Futures Rise as Tech Earnings Offset Credit Concerns
by takeshitsai on Wed Apr 23, 2008 9:44 pm
U.S. stock-index futures rose after better-than-expected earnings at technology, industrial and mining companies overshadowed concern that banks' credit-related losses will deepen.
EMC Corp., the world's largest maker of storage computers, and Broadcom Corp., a maker of chips for mobile phones, climbed on first-quarter results that exceeded analysts' expectations. Boeing Co., the world's second-biggest aircraft manufacturer, gained after overseas demand boosted deliveries. Freeport-McMoRan Copper & Gold Inc., the second-largest copper producer, jumped as profit more than doubled amid record metal prices. Safeco Corp. jumped after Liberty Mutual Group Inc. agreed to buy the insurer for $6.2 billion in cash.
Standard & Poor's 500 Index futures expiring in June gained 1.4 to 1,382.2 as of 9:13 a.m. in New York. Dow Jones Industrial Average futures added 18 to 12,754. Nasdaq-100 Index futures increased 9.75 to 1,904.75. Declines in financial shares limited the advance as Ambac Financial Group Inc. posted a wider-than- estimated loss on $3.1 billion of mortgage-related charges.
Shares in Europe fell for a third day after UniCredit SpA's German banking unit said it expects ``significant'' credit- related writedowns. Asian stocks rose to an eight-week high.
EMC Corp., the world's largest maker of storage computers, and Broadcom Corp., a maker of chips for mobile phones, climbed on first-quarter results that exceeded analysts' expectations. Boeing Co., the world's second-biggest aircraft manufacturer, gained after overseas demand boosted deliveries. Freeport-McMoRan Copper & Gold Inc., the second-largest copper producer, jumped as profit more than doubled amid record metal prices. Safeco Corp. jumped after Liberty Mutual Group Inc. agreed to buy the insurer for $6.2 billion in cash.
Standard & Poor's 500 Index futures expiring in June gained 1.4 to 1,382.2 as of 9:13 a.m. in New York. Dow Jones Industrial Average futures added 18 to 12,754. Nasdaq-100 Index futures increased 9.75 to 1,904.75. Declines in financial shares limited the advance as Ambac Financial Group Inc. posted a wider-than- estimated loss on $3.1 billion of mortgage-related charges.
Shares in Europe fell for a third day after UniCredit SpA's German banking unit said it expects ``significant'' credit- related writedowns. Asian stocks rose to an eight-week high.
