Stock Futures Point to Higher Opening as Concerns over China Rate Hike Subside
Stock futures are pointing to a higher opening for the U.S. equity market as concerns over the interest rate hike by China subside. Dow Jones Industrial Average futures climbed 26 points, S&P 500 futures climbed 4.6 points and the Nasdaq 100 futures climbed 9.75 points.
Morgan Stanley (NYSE: MS), one of the biggest Wall Street firms, reported its third-quarter financial results today. The bank reported a net loss of $91 million, compared with a profit of $498 million reported for the same period in 2009. The bank’s third-quarter results were hurt by weaker trading revenues. Shares of Morgan Stanley were down 0.95% to $25.15 in pre-market trading today.
Altria Group Inc. (NYSE: MO) also reported its third-quarter financial results today. The Richmond, Virginia-based company reported third-quarter profit of $1.13 billion, or $0.54 per share, compared with $882 million, or $0.42 per share reported in the third quarter of 2009. The company reported a 1.6% increase in third-quarter revenue to $6.4 billion. Analysts were expecting Altria to report earnings per share of $0.52 and revenue of $4.42 billion for the third quarter of 2010. Shares of Altria Inc. were up 0.61% to $24.90 in pre-market trading today.
Shares of Yahoo! Inc. (NASDAQ: YHOO) are up in pre-market trading after the company reported its third-quarter financial results after market close on Tuesday. The Sunnyvale, California-based company reported revenue of $1.60 billion for the third quarter of 2010, up 2% over the third quarter of 2009. The company reported third-quarter income from operations of $189 million.
