Stock Futures Gain on Optimism over Corporate Earnings
The U.S. equity market is expected to open higher as stock futures gained on optimism over corporate earnings. The Dow Jones Industrial Average futures gained 29 points to 11,092, the S&P 500 futures gained 4.1 points to 1,178.8 and the Nasdaq 100 futures gained 10.25 points to 2,094.
Wells Fargo & Company (NYSE: WFC) reported its third-quarter financial results after market close on Wednesday. The bank reported a record net income of $3.34 billion for the third quarter. The bank reported diluted earnings per common share of $0.60, up 7% over the third quarter of 2009. Wells Fargo’s third-quarter revenue came in at $20.9 billion. Shares of Wells Fargo & Company are up 0.20% to $25.65 in pre-market trading today.
eBay Inc. (NASDAQ: EBAY) also reported its third-quarter financial results after market close on Wednesday. The company reported third-quarter revenue of $2.2 billion, up 1% over the third quarter of 2009. The company’s third-quarter revenue increased 10% excluding Skype. The San Jose, California-based company posted third-quarter GAAP net income of $431.9 million, or $0.33 per diluted share, and non-GAAP net income of $530.6 million, or $0.40 per diluted share. Shares of eBay are up 7.13% in pre-market trading today.
The German government today said that it expects the German economy to grow at its fastest pace since 1991 on the back of increasing exports to China and other Asian countries and a revival in consumer spending. Germany is expected to grow by 3.4% in 2010, according to the country’s Economy Ministry.
