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Wall Street Likely To Open Higher On Earnings

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U.S. stocks look headed for a positive opening on Tuesday, with fairly good earnings reports from top names set to lift investor sentiment.

The data on new home sales, due at 10 AM ET, will make an impact as well.

Investors will also be tracking oil price movements for direction. Crude oil prices rose to six-month highs after the U.S. government ended waivers that allow countries to import Iranian oil.

In November 2018, the Trump administration had granted oil-sanctions waivers to eight major importers of Iranian oil when it pulled out of the 2015 nuclear deal and reimposed sanctions on the country.

With several top notch companies scheduled to report their earnings during the course of this week and data on GDP due as well, the mood may stay a bit cautious at times.

On the earnings front, Twitter reported higher than expected first quarter revenue of $787 million and earnings per share of 37 cents. The stock rose more than 8% in pre market trading today.

The Coca-Cola Company (KO) reported 2% increase in its first-quarter comparable EPS from continuing operations to $0.48, despite an 11-point currency headwind.

Procter & Gamble Co. (PG) said its bottom line totaled $2.75 billion, or $1.04 per share. This compares with $2.51 billion, or $0.95 per share, in last year's third quarter.

Verizon reported adjusted earnings of $1.20 per share for the first quarter, slightly above estimates. The company has raised its full-year guidance.

United Technologies (UTX) reported adjusted earnings of $1.91 a share in the first quarter, beating expectations. Revenue too was higher than expected, at $18.37 billion. The company said it expects adjusted earnings of $7.80 to $8 a share from the prior forecast range of $7.70 to $8.00 per share

On Monday, stocks recovered from an initial move to the downside but showed a lack of direction over the remainder of the trading session and eventually ended mixed.

The Dow dipped 48.49 points or 0.2 percent to 26,511.05, the Nasdaq rose 17.21 points or 0.2 percent to 8,015.27 and the S&P 500 inched up 2.94 points or 0.1 percent to 2,907.97.

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