The U.S. equity market is expected to open higher, with stock futures trading up. The Dow Jones Industrial Average futures are up 51 points, the S&P 500 futures are up 6.4 points and the Nasdaq 100 futures are up 9.75 points.
Pfizer Inc. (NYSE: PFE) today reported its third-quarter financial results. The company reported a 70% drop in third-quarter profit. However, the company’s adjusted profit climbed, beating analysts estimate. Pfizer reported third-quarter profit of $866 million, or $0.11 per share, down from $2.88 billion, or $0.43 per share reported in the same period of 2009. Excluding one-time items, the company reported profit of $0.54 per share, up from $0.51 per share reported in the third quarter of 2009. The company’s revenue increased 39% to $16.17 billion in the third quarter of 2010. Analysts were expecting the company to report earnings of $0.51 per share on revenue of $16.68 billion. Shares of Pfizer Inc. are down 0.68% to $17.50 in pre-market trading.
BP (ADR) (NYSE: BP) also reported its third-quarter financial results today. The company reported a 67% drop in profit in the third quarter of 2010. The company’s profit for the third quarter of 2010 came in at $1.79 billion. The company’s profit was hit by a $7.7 billion charge related to the costs the company incurred in the cleaning up the oil spill in the Gulf of Mexico. The company’s revenue increased 10% to $74.7 billion. BP’s ADRs are up 1.13% to $41.23 in pre-market trading.
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