Visa, Qwest, GD, GT, IP, COP, CCE Stk Futures Up Before the Bell
U.S. stock futures fell on Wednesday as markets geared up for another busy day of earnings, along with a full schedule of economic data, including durable goods orders and new home sales.
S&P 500 futures were down 4.8 points to 1,055.60 and Nasdaq 100 futures were down 4.75 points at 1,715. Futures on the Dow Jones Industrial Average slipped 35 points to 9,800.
U.S. stocks ended mostly lower Tuesday after economic reports offered positive news on the housing front, but reduced confidence among consumers. The Dow Jones Industrial Average rose 0.1% while the S&P 500 fell 0.3% and the Nasadaq Composite fell 1.2%.
Visa Inc. (V) announced Tuesday that it swung a $514 million profit for the fiscal fourth quarter after suffering a $356 million loss in the same period a year ago. Profits were pushed by increased debit card transactions and a reduction in operating costs. Visa Inc. (NYSE:V, $73.90, +$1.12, 1.54%) rose 2.23 percent to $75.55 on Wednesday morning pre-market trading session, even on Tuesday, shares of Visa jumped 1.54 percent, and closed on $73.90.
Qwest Communications International Inc reported a third-quarter net profit of $136 million, or 8 cents per share, compared with $145 million, or 8 cents per share, a year earlier. Qwest Communications International Inc. (NYSE:Q, $3.45, -$0.04, -1.15%) jumped 4.35 percent to $3.60 on Wednesday morning pre-market trading session, while on Tuesday, Qwest Communications shares fell 1.15 percent and closed on $3.45.
General Dynamics Corp. said Wednesday its third-quarter earnings sank nearly 10 percent hurt by weak demand for business jets, but sales in all of its defense-related segments experienced sales gains, leading the military contractor to boost its profit outlook for the year. General Dynamics Corporation (NYSE:GD, $65.78, -$0.18, -0.27%) rose 0.80 percent to $66.31 on Wednesday morning pre-market trading session, while on Tuesday, shares of General Dynamics droped 0.27 percent, and closed on $65.78.
Goodyear Tire & Rubber Co. (GT) reported third quarter net income of $72 million or $0.30 per share, compared to net income of $31 million or $0.13 per share last year. The Goodyear Tire & Rubber Company (NYSE:GT, $16.74, -$0.49, -2.84%) jumped 1.85 percent to $17.05 on Wednesday morning pre-market trading session, while on Tuesday, Goodyear Tire & Rubber shares fell 2.84 percent and closed on $16.74.
International Paper Co (IP) said on Wednesday its third-quarter profit more than doubled, due in part to an alternative fuel credit, though sales in all units slid. Profit rose to $371 million, or 87 cents per share, from $149 million, or 35 cents per share, in the year-earlier period. International Paper Company (NYSE:IP, $22.63, -$0.31, -1.35%) rose 3.84 percent to $23.50 on Wednesday morning pre-market trading session, while on Tuesday, shares of International Paper fell 1.35 percent, and closed on $22.63.
ConocoPhillips said Wednesday that low natural gas prices and thin margins from its gasoline refining business drove profits down 71 percent in the third quarter, but the oil company is ramping up production as crude prices jump. ConocoPhillips (NYSE:COP, $16.74, -$0.49, -2.84%) jumped 0.19 percent to $51.50 on Wednesday morning pre-market trading session, even on Tuesday, ConocoPhillips shares rose 1.30 percent and closed on $51.40.
Coca-Cola Enterprises said Wednesday that third-quarter earnings were $247 million, or 50 cents a share, compared to $214 million, or 44 cents a share, in the same period a year ago. Revenue fell 3% to $5.57 billion compared to $5.74 billion. Adjusted earnings per share were 51 cents versus 46 cents. Coca-Cola Enterprises Inc. (NYSE:CCE, $20.02, +$0.08, 0.40%) rose 2.00 percent to $20.42 on Wednesday morning pre-market trading session, even on Tuesday, shares of Coca-Cola Enterprises rose 0.40 percent, and closed on $20.02.
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