The mood has become apprehensive on Friday, as reflected by the futures, which point to a mixed opening. Domestic data points are far from offering comfort, as manufacturing activity has become wobbly and the jobs picture has become gloomy. The absence of any major economic data for the session may add more uncertainty. Meanwhile, the debt situation across the Atlantic has continued to deteriorate. The earnings season, though has turned in upside surprises with respect to earnings, has found revenues falling short in most cases. Against this backdrop, the markets may not have an impetus to persist with the positive momentum.
As of 6:15 am ET, the Dow futures are receding 15 points and the S&P 500 futures are slipping 2.60 points, while the Nasdaq 100 futures are adding 2.25 points.
There are no major economic reports due for today.
U.S. stocks advanced on Thursday, although amid some volatility, as some positive earnings and oil's climb supported sentiment, even as economic data turned downbeat
In corporate news, Microsoft (MSFT) reported fourth quarter adjusted earnings of 73 cents per share, ahead of the 62 cents per share consensus estimate. Revenues, adjusted for deferred revenues, rose 7 percent to $18.60 billion, ahead of the consensus estimate.
Google's (GOOG) second quarter adjusted earnings rose to $10.12 per share from $8.74 per share last year. Revenues, excluding traffic acquisition costs, were $8.36 billion, slightly shy of the $8.41 billion consensus estimate.
eBay (EBAY) lowered its earnings guidance for the third quarter and the full year due to an impact from a proposed public debt offering.
Pfizer (PFE) said a U.S. district court upheld its composition of matter patent as well as pain and seizure use patents covering LYRIC capsules.
AMD (AMD) reported second quarter earnings that fell to 5 cents per share from 8 cents per share in the year-ago period. Net revenues fell to $1.41 billion from the year-ago quarter's $1.57 billion, with the revenues coming in line with estimates. The company expects third quarter to decline 1 percent, plus or minus 3 percent, sequentially.
Everest Re (RE) named the Joseph Taranto will succeed incumbent CEO Dominic Addesso when he relinquishes office on January 1st, 2014.
Rambus (RMBS) reported a loss of 29 cents per share for the second quarter compared to a loss of 10 cents per share, while revenues fell by $10 million to $56 million.
E*Trade (ETFC) reported second quarter earnings of 14 cents per share that declined from 16 cents per share last year. Analysts estimated earnings of 11 cents per share. Revenues fell to $452.41 million and missed the consensus estimate of $457.42 million.
SanDisk (SNDK) said its second quarter adjusted earnings of 21 cents per share, ahead of the 19 cents per share consensus estimate. Revenues of $1.03 billion also exceeded expectations.
The major Asian markets ended mostly lower, as traders focused on the sore data points from the U.S. released overnight rather than the gains on Wall Street. Additionally, reports that China has asked the local governments to clamp down on property price inflation also weighed on sentiment.
Japan's Nikkei 225 average fell 125.68 points or 1.43 percent before closing at 8,670. Australia's All Ordinaries slipped 5.80 points or 0.14 percent to 4,231. Meanwhile, Hong Kong's Hang Seng Index closed 81.75 points or 0.42 percent higher at 19,641.
The major European markets are trading lower amid apprehension that peripheral nations are facing a fragile fiscal situation. The offshoot is higher borrowing costs for most of the nations.
The eurozone finance ministers are meeting today to approve a deal to lend up to 100 billion euros to help Spain recapitalize its ailing banking system.
by RTT Staff Writer
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