U.S. stock futures advanced Wednesday morning, with investors hoping to bounce back following Tuesday’s declines. However, concerns from overseas that certain countries could find it hard to repay their debt and even default marred the general mood. Discussions about TARP and the the health care reform bill are also in focus this morning.
S&P 500 futures rose 5.9 points to 1,095.90 and Nasdaq 100 futures rose 10 points to 1,778.50. Futures on the Dow Jones Industrial Average rose 45 points.
A flurry of negative reports from leading rating agencies on the ability of countries ranging from the U.S. to Greece to service their debt dragged U.S., and world, stocks lower on Tuesday, albeit in thin trade. The Dow Jones Industrial Average fell 104 points, the S&P 500 lost 11 points and the Nasdaq Composite dropped 16 points.
Texas Instruments Inc. (TXN) narrowed its fourth-quarter revenue guidance to the high end of its previous forecast and slightly raised its estimated range for earnings per share. Texas Instruments Incop. (NYSE:TXN, $26.33, -$0.29, -1.09%) fell 2.01 percent to $25.80 on Wednesday morning pre-market trading session, even on Tuesday, shares of Texas Instruments dropped 1.09 percent and closed on $26.33.
Dollar Thrifty Automotive Group Inc. (DTG) expects a sharply improved bottom line in the fourth quarter as the car-rental industry continues to rebounds from depths earlier this year raised that raised bankruptcy fears for some in the industry. Dollar Thrifty Automotive Group, Inc. (NYSE:DTG, $21.69, -$0.07, -0.32%) jumped 0.55 percent to $21.81 on Wednesday morning pre-market trading session, while on Tuesday, Dollar Thrifty shares were down 0.32 percent, closed on $21.69.
Movado Group Inc. (MOV) swung to a fiscal third-quarter loss as margins dropped and the company took hefty charges on sales of excess discontinued products. Absent them, earnings were way short of analysts’ expectations on weaker-than-projected sales. Movado Group, Inc (NYSE:MOV, $10.85, $0.07, 0.64%) fell 17.97 percent to $8.90 on Wednesday morning pre-market trading session, while on Tuesday, shares of Movado rose 0.64 percent and closed on $10.85.
Men’s Wearhouse’s fiscal third-quarter profit climbed 35% on lower operating expenses and slightly higher sales, although same-store sales fell. The Men’s Wearhouse, Inc. (NYSE:MW, $21.84, -$0.34, -1.53%) dropped 15.98 percent to $18.35 on Wednesday morning pre-market trading session, even on Tuesday, Men’s Wearhouse shares were down 1.53 percent, closed on $21.84.
Dr Pepper Snapple Group will get $900 million for licensing certain brands to PepsiCo Inc. (PEP) after the soda-and-snacks giant completes its acquisition of its two biggest bottlers early next year. Meanwhile, Pepsi tempered its 2009 forecast, seeing revenue up about 5% and per-share earnings up 5% to 6%, both excluding currency changes. The company had projected mid- to high-single-digit growth for each. It reiterated its 2010 forecast. Dr Pepper Snapple Group Inc. (NYSE:DPS, $26.75, -$0.19, -0.71%) rose 2.99 percent to $27.55 on Wednesday morning pre-market trading session, while on Tuesday, shares of Dr Pepper Snapple fell 0.71 percent and closed on $26.75.
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