US Stocks Look To Extend Gains Friday Morning, Friday, May 30, 2008 6:43:25 AM
US stocks were looking to end a relatively positive week on a high note Friday morning after tech bellwether Dell turned in a better-than expected first quarter result and the price of oil dropped below $126.As of 6:20 am ET, the S&P Futures were up 2 points, the Nasdaq Futures were up 8 points, and the Dow Futures were up 25 points. Stocks rose on Thursday, bolstered by a more than $4 drop in crude prices.
On the economic front, investors will look to the Commerce Department`s report on personal income and spending for the latest on the mindset of the consumer. Other economic reports to consider include the Chicago PMI manufacturing survey and a revised reading on consumer sentiment from the University of Michigan.
Late Thursday, Wall Street Journal reported that talks between the Chief Executive Officer of United Airlines parent UAL Corp. (UAUA) Glenn Tilton and the US Airways Group Inc. (LCC) Chief Executive Douglas Parker have stalled for now. Both the chief executives were reportedly meeting on Thursday afternoon to discuss some of the issues holding up the merger deal and to share information on concerns raised by UAL directors at their last board meeting.
PC maker DELL: News, Chart, Quote Inc. (DELL) said Thursday after the markets closed that its first quarter earnings rose 4% from last year, helped by better than industry growth of commercial and consumer products and services as well as lower operating expense as a percentage of revenue and higher investment and other income. The company`s quarterly earnings per share also came in above analysts` expectations as did its quarterly revenue.
The company reported net income for the first quarter of $784 million or $0.38 per share, compared to $756 million or $0.34 per share for the year-ago quarter. Analysts expected the company to earn $0.34 per share for the first quarter.
Global stocks were mostly positive Friday. The FTSE of the UK was up 18 points, the DAX of Germany was up 42 points, and the CAC of France was up 31 points.
In Asia, the Hang Seng of Hong Kong rose 149 points and Tokyo`s Nikkei added 214 points.
posted by Kalin Tasev @ 11:06 AM
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