TWX, TTAP, KFT, CCI, CNW, MTZ Stk Futures Mixed Before the Bell
U.S. stock futures rose on Wednesday, with traders ignoring the traditional caution ahead of a Federal Reserve interest-rate meeting to take a riskier stance.
S&P 500 futures rose 5.2 points to 1046.90 and Nasdaq 100 futures added 4 points to 1679.50. Futures on the Dow Jones Industrial Average rose 53 points.
The Dow Jones Industrial Average fell 17 points, while the S&P 500 rose 2 points and the Nasdaq Composite added 8 points.
Time Warner Inc. (TWX) reported its third quarter revenue declined 6% but said the company is firmly on track to post solid results this year in spite of the tough economic environment, adding that it still expects to spin off AOL by the end of the year. Time Warner Inc. (NYSE:TWX, $30.16, +$0.01, 0.03%) rose 2.79 percent to $31.00 on Wednesday morning pre-market trading session, even on Tuesday, shares of Time Warner jumped 0.03 percent, and closed on $30.16.
Brewer Molson Coors says its third-quarter profit rose 37 percent although revenue fell as consumers bought less beer but paid higher prices for it. The Denver-based maker of Coors Light says it earned $235.3 million, or $1.26 a share, in the three months that ended in September. Net sales at Molson Coors Brewing Co. fell 7.3 percent to $853.7 million in the quarter. Molson Coors Brewing Co. (NYSE:TAP, $49.40, -$0.32, -0.64%) jumped 3.24 percent to $51.00 on Wednesday morning pre-market trading session, while on Tuesday, Molson Coors shares were down 0.64 percent and closed on $49.40.
Dow industrials component Kraft Foods Inc. (KFT) may see weakness after reporting weaker-than-expected sales late Tuesday. Kraft also didn’t say whether it will make a formal bid for Britain’s Cadbury PLC (CBY) ahead of a deadline. Kraft Foods Inc. (NYSE:KFT, $27.54, -$0.10, -0.36%) fell 1.89 percent to $27.02 on Wednesday morning pre-market trading session, even on Tuesday, shares of Kraft Foods droped 0.36 percent, and closed on $27.54.
Crown Castle International Corp. (CCI) reported a slightly narrower third-quarter loss, but the red ink was greater than expected, even as the company continued to report revenue gains on increased need to rent cell-tower antennas. Crown Castle International Corp. (NYSE:CCI, $31.59, +$1.56, 5.19%) droped 5.51 percent to $29.85 on Wednesday morning pre-market trading session, even on Tuesday, Crown Castle shares were up to 5.19 percent and closed on $31.59.
Con-Way Inc.’s (CNW) third-quarter profit declined 67% as the freight-transportation company posted lower revenue in the less-than-truckload and global logistics segments. Con-way Inc. (NYSE:CNW, $32.62, +$0.62, 1.94%) fell 3.37 percent to $31.52 on Wednesday morning pre-market trading session, while on Tuesday, shares of Con-way jumped 1.94 percent, and closed on $32.62.
MasTec Inc. (MTZ) has agreed to pay $150 million for Precision Pipeline LLC, a pipeline infrastructure services provider. Later Tuesday, the specialty contractor said it plans to sell $100 million in senior convertible notes in a private placement and will use the proceeds to fund the purchase and for general corporate purposes. MasTec, Inc. (NYSE:MTZ, $12.36, +$0.45, 3.78%) droped 5.83 percent to $11.64 on Wednesday morning pre-market trading session, while on Tuesday, MasTec shares were up to 3.78 percent and closed on $12.36.
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