Bank of America, Citigroup, JPM, NZ, JCG Stk Futures Up Before the Bell
U.S. stock futures pointed to a higher opening on Wall Street Wednesday, as investors continued to draw optimism from the Federal Reserve’s more upbeat outlook on the U.S. economy.
S&P 500 futures gained 5.40 points to 1108.50, and Nasdaq 100 futures added 8.75 points to 1795.20. Futures on the Dow Jones Industrial Average rose 42 points to 10447.
U.S. equities finished modestly lower Tuesday, but pared what had been steep declines. The Dow Jones Industrial Average fell 17 points, or 0.2%, to 10433.
Fitch Ratings has placed its ‘D’ Individual ratings for Bank of America Corp. (BAC) and its operating subsidiaries on Rating Watch Positive. Fitch has affirmed the Issuer Default Ratings (IDRs) of BAC and its subsidiaries, which are derived from U.S. government support and continue to carry a Stable Rating Outlook. Ratings of long and short-term deposits, long-term and short-term debt, and subordinated debt are affirmed. These debt instruments are linked to BAC’s IDRs, which are in turn dependent upon U.S. government support. Bank of America Corp. (NYSE:BAC, $16.10, -$0.19, -1.17%) rose 0.87 percent to $16.24 on Wednesday morning pre-market trading session, while on Tuesday, shares of Bank of America fell 1.17 percent and closed on $16.10, BofA fell 0.74 percent in the past one month trading.
Citigroup Inc., a bank that’s 34 percent owned by the US government, agreed to sell its Diners Club North America credit-card business, ending its 28-year-old ties to the world’s first charge card. The Diners Club North America unit was one of 21 businesses shunted into a division called Citi Holdings and tagged for sale or wind-down. Citigroup Inc. (NYSE:C, $4.21, -$0.07, -1.64%) jumped 0.95 percent to $4.25 on Wednesday morning pre-market trading session, while on Tuesday, Citigroup shares dropped 1.64 percent and closed on $4.21.
The head of banking giant JPMorgan Chase & Co. says odds are the economy will recover, but much depends on consumers becoming more confident. JPMorgan Chairman and CEO Jamie Dimon told an Ohio audience Tuesday that there’s just a 5 to 10 percent chance the economy will stumble again in the near term. He says there’s too much government stimulus money “in play” for things to take another downward turn. JPMorgan Chase & Co. (NYSE:JPM, $42.48, -$0.80, -1.85%) rose 0.73 percent to $42.79 on Wednesday morning pre-market trading session, while on Tuesday, shares of JPMorgan fell 1.85 percent and closed on $42.48.
Netezza Corp.’s (NZ) profit sank 76% on lower sales and higher expenses, though margins increased. The database specialist’s results topped Wall Street’s expectations. Netezza Corp. (NYSE:NZ, $10.74, -$0.26, -2.36%) jumped 0.47 percent to $10.79 on Wednesday morning pre-market trading session, while on Tuesday, Netezza shares dropped 2.36 percent and closed on $10.74.
J. Crew Group Inc., seller of clothes, shoes and accessories, said Tuesday its profit more than doubled in the third quarter as sales rose by a double-digit percentage. It said Tuesday that its gross margin grew to 48.4 percent of revenue from 41.6 percent a year ago. Revenue rose 14 percent to $414.1 million from $363.1 million. Analysts had expected $408 million. J. Crew Group, Inc. (NYSE:JCG, $40.85, +$0.45, 1.11%) rose 7.88 percent to $44.07 on Wednesday morning pre-market trading session, even on Tuesday, shares of J. Crew climbed 1.11 percent and closed on $40.85.
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