Bank of America, Citigroup, HPQ, AIG, NUAN, ADI Stk Futures Mixed Before the Bell
U.S. stock futures held steady on Tuesday as worries about bank capital and the outlook for the economy and interest rates kept traders on the sidelines.
S&P 500 futures rose 1.7 points to 1105.50 while Nasdaq 100 futures fell a half point to 1790.7. Futures on the Dow Jones Industrial Average rose 6 points.
U.S. stocks climbed on Monday as St. Louis Fed President James Bullard said the central bank should consider making mortgage-backed securities purchases even after a program is due to expire. The Dow Jones Industrial Average rose 132 points, the Nasdaq Composite added 29 points and the S&P 500 climbed 14 points.
The central bank this month asked Bank of America Corp. (BAC) and eight other banks to give plans including a timetable, said the person, speaking on condition of anonymity. The firms may have the option to repay Troubled Asset Relief Program funds soon if they’ve been able to raise common equity and would continue to exceed capital buffers set in the stress tests. Bank of America Corp. (NYSE:BAC, $16.29, +$0.20, 1.24%) fell 0.55 percent to $16.20 on Tuesday morning pre-market trading session, while on Monday, shares of Bank of America rose 1.24 percent and closed on $16.29, BofA climbed 0.43 percent in the past one month trading.
Citigroup Inc. (C), the U.S. bank that’s 34 percent owned by the government, agreed to sell its Diners Club North America credit-card business to Bank of Montreal for an undisclosed price. The sale will reduce Citigroup’s assets by about $1 billion, the New York-based bank said today in a statement. The deal, scheduled to close by March 31, won’t have a material impact on net income or capital ratios, Citigroup said. Citigroup Inc. (NYSE:C, $4.28, +$0.08, 1.90%) dropped 0.70 percent to $4.25 on Tuesday morning pre-market trading session, while on Monday, Citigroup shares jumped 1.90 percent and closed on $4.28.
Hewlett-Packard Co.’s (HPQ) fiscal fourth-quarter profit grew 14% on a solid performance in the services segment, which helped boost overall operating margins. Hewlett-Packard Company (NYSE:HPQ, $51.02, +$0.98, 1.96%) fell 0.43 percent to $50.80 on Tuesday morning pre-market trading session, while on Monday, shares of Hewlett-Packard rose 1.96 percent and closed on $51.02.
Kenneth Feinberg, the Obama administration’s pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc (AIG) for 2010, the Wall Street Journal reported, citing people familiar with the matter. AIG, which has received up to $180 billion of federal aid, including more than $80 billion in loans, is 80 percent-owned by U.S. taxpayers. American International Group, Inc. (NYSE:AIG, $35.28, +$0.18, 0.51%) jumped 0.62 percent to $35.50 on Tuesday morning pre-market trading session, even on Monday, AIG shares were up 0.51 percent and closed on $35.28.
Nuance Communications Inc.’s (NUAN) fiscal fourth-quarter profit dropped 71% as margins slid and the speech-software maker set aside money for income taxes. But results topped analysts’ expectations. Nuance Communications Inc. (NASDAQ:NUAN, $13.75, $0.00, 0.00%) rose 1.82 percent to $14.00 on Tuesday morning pre-market trading session, even on Monday, shares of Nuance Comm were flat and at the closeing bell shares were on $13.75.
Analog Devices’ fiscal fourth-quarter profit dropped 27% on lower sales and margins, but the company reported a double-digit increase in order rates from the third quarter. The semiconductor company’s results topped expectations and it forecast first-quarter results above analysts’ estimates. Analog Devices, Inc. (NYSE:ADI, $27.94, +$0.46, 1.67%) jumped 2.00 percent to $28.50 on Tuesday morning pre-market trading session, even on Monday, Analog Devices shares were up 1.67 percent and closed on $27.94.
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