U.S. stock futures rose Friday as reports from Research In Motion Ltd. (RIMM), Oracle Corp. (ORCL) and Nike Inc. (NKE) reinforced confidence in the ability of companies to grow profits next year.
S&P 500 futures recently rose 6.3 points to 1100.5, and Nasdaq 100 futures gained 9.2 points to 1794.8. Futures on the Dow Jones Industrial Average rose 49 points to 10321.
Concerns over rising interest rates, FedEx Corp.’s (FDX) outlook and the health of Greece’s finances combined to send U.S. stocks lower and the dollar higher on Thursday, with the Dow Jones Industrial Average dropping 132 points, the Nasdaq Composite dropping 26 points and the S&P 500 falling 13 points.
Bank of America (BAC) announced the appointment of insider Brian Moynihan Thursday. He does, however, appear to have got the job by default, given that the bank was unable to attract an outsider for the role, and the only other serious internal candidate, Chief Risk Officer Greg Curl, is said to have been vetoed by New York State Attorney General Andrew Cuomo. Bank of America Corp. (NYSE:BAC, $14.86, -$0.42, -2.75%) rose 1.08 percent to $15.02 on Friday morning pre-market trading session, while on Thursday, shares of Bank of America fell 2.75 percent, closed on $14.86 and BofA dropped 5.77 percent in the past one month trading.
The U.S. Treasury has postponed its plan to sell $5 billion of its 34% stake in Citigroup Inc. (C) after a lackluster response from investors following Citi’s stock offering. Citigroup stock has been under pressure this morning, in an overall soft market. Citigroup Inc. (NYSE:C, $3.20, -$0.25, -7.25%) jumped 1.87 percent to $3.26 on Friday morning pre-market trading session, while on Thursday, Citigroup shares were down 7.25 percent, closed on $3.20.
BlackBerry maker Research In Motion reported third-quarter results that exceeded expectations for earnings, revenue and subscriber growth. Research In Motion Limited (NASDAQ:RIMM, $63.46, -$1.21, -1.87%) rose 10.78 percent to $70.30 on Friday morning pre-market trading session, while on Thursday, shares of RIM fell 1.87 percent, closed on $63.46.
Take-Two Interactive Software Inc.’s (TTWO) fiscal fourth-quarter loss widened as the videogame maker continued to face a difficult retail environment and unusual charges masked a revenue increase. Chairman Strauss Zelnick said the company’s quarterly results are “obviously disappointing,” given Take-Two earlier said it would reach profitability in fiscal 2009 despite not releasing a version of its flagship Grand Theft Auto franchise. Take-Two Interactive Software, Inc. (NASDAQ:TTWO, $8.25, +$0.15, 1.85%) jumped 13.21 percent to $9.34 on Friday morning pre-market trading session, even on Thursday, Take-Two Interactive shares were up 1.85 percent, closed on $8.25.
Oracle’s fiscal second-quarter profit rose 12% as the business-software giant benefited from cost controls and broke a two-quarter streak of revenue declines. Oracle Corporation (NASDAQ:ORCL, $22.88, -$0.24, -1.04%) rose 4.81 percent to $23.98 on Friday morning pre-market trading session, while on Thursday, shares of Oracle fell 1.04 percent, closed on $22.88.
Smart Modular Technologies (WWH) Inc. (SMOD) swung to a fiscal first-quarter profit on a year-earlier write-down while revenue continued to drop. The memory-chip maker posted its first profit after six consecutive losses and projected second-quarter results well above analysts’ views. SMART Modular Technologies (WWH), Inc. (NASDAQ:SMOD, $4.83, -$0.21, -4.17%) jumped 12.42 percent to $5.43 on Friday morning pre-market trading session, while on Thursday, SMART Modular Technologies shares dropped 4.17 percent, closed on $4.83.
Nike Inc.’s (NKE) fiscal second-quarter profit declined 4% on lower sales, but the company said future orders rose slightly. The athletic shoe maker’s results topped Wall Street’s expectations. NIKE, Inc. (NYSE:NKE, $63.25, -$0.80, -1.25%) rose 1.5 percent to $64.20 on Friday morning pre-market trading session, while on Thursday, shares of Nike fell 1.25 percent, closed on $63.25.
Comments are closed.