Stock Futures Trade Higher ahead of Fed Meeting

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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