U.S. stock futures rose on Monday as some traders looked past January’s struggles to an earnings season that has shown companies beating estimates on both earnings and revenue.
S&P 500 futures rose 5.4 points to 1075.80 and Nasdaq 100 futures rose 6 points to 1745.20. Futures on the Dow Jones Industrial Average rose 48 points.
U.S. stocks dropped on Friday to conclude a difficult month in which the Dow Jones Industrial Average dropped 3.5% on a combination of worries about U.S. bank regulation, China monetary policy and Greek financial health.
Bloomberg reported, nine of the 10 biggest U.S. banks by assets, including Bank of America Corp.,Citigroup Inc. and Morgan Stanley, reduced their political giving last year, Federal Election Commission reports show. The banks, which received U.S. taxpayer help under the Troubled Asset Relief Program, cut political action committee contributions to $2 million in 2009, a 41 percent decline from the $3.4 million they gave in 2007. No nationwide elections were held in either year. Bank of America Corp. (NYSE:BAC, $15.18, -$0.19, -1.24%) rose 0.53 percent to $15.26 on Monday morning pre-market trading session, while on last week of Friday, shares of Bank of America fell 1.24 percent, closed on $15.18 and BofA climbed 0.80 percent in the past one month trading.
Citigroup Inc plans to sell or spin-off its $10 billion Citi Private Equity unit in order to cut its debt, Bloomberg reported on Sunday. Citigroup made the decision to sell the unit last year, before President Barack Obama announced his plan to limit financial risk-taking by banks. That plan could force banks to shed parts of their private equity operations. Citigroup Inc. (NYSE:C, $3.32, +$0.08, 2.47%) jumped 1.20 percent to $3.36 on Monday morning pre-market trading session, even on Last week of Friday, Citigroup shares were up 2.47 percent, closed on $3.32.
Exxon Mobil Corp., the largest U.S. company, posted net income fell 23 percent to $6.05 billion, or $1.27 a share, from $7.82 billion, or $1.54, a year earlier, Irving, Texas-based Exxon said today in a statement. Per-share profit 8 cents higher than the average. Exxon Mobil Corp. (NYSE:XOM, $64.43, -$0.53, -0.82%) rose 1.68 percent to $65.50 on Monday morning pre-market trading session, while on last week of Friday, shares of Exxon Mobil fell 0.82 percent, closed on $64.43.
Ryanair Holdings PLC (RYAAY) rose in Dublin after the European carrier lifted its fiscal-year earnings outlook. Ryanair Holdings plc (NASDAQ:RYAAY, $25.98, -$0.27, -1.03%) jumped 5.85 percent to $27.50 on Monday morning pre-market trading session, while on Last week of Friday, Ryanair Holdings plc shares dropped 1.03 percent, closed on $25.98.
Toyota Motor Corp. (TM) may be active as the Japanese car giant said on Monday that it has already begun shipping a fix to the gas pedal problem involved in the recall of millions of vehicles and forced the company to stop selling eight of its models in the U.S. and some other countries around the world. Toyota Motor Corp. (NYSE:TM, $77.00, -$0.67, -0.86%) rose 2.34 percent to $78.80 on Monday morning pre-market trading session, while on last week of Friday, shares of Toyota Motor fell 0.86 percent, closed on $77.00.
Urban Outfitters Inc. (URBN) may gain after Standard & Poor’s said the retailer will replace Affiliated Computer Services Inc. (ACS) in the S&P 500. Urban Outfitters, Inc. (NASDAQ:URBN, $31.57, +$1.05, 3.44%) jumped 2.79 percent to $32.45 on Monday morning pre-market trading session, even on Last week of Friday, Urban Outfitters shares were up 3.44 percent, closed on $31.57.
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