US stock futures were mostly higher on Friday as better than expected earnings announcement from Citigroup and General Electric fueled recovery hopes.
At 8:30 am ET, Standard & Poor's 500 Index futures rose 2.40 points to 863.90. Dow Jones Industrial Average futures increased 30 points to 8093. Nasdaq Composite Index futures retreated 2.75 points to 1349.25.
Early on Friday, Citigroup (NYSE: C) said that quarterly loss available to common shareholders narrowed to $966 million, or 18 cents per share, from $5.19 billion, or $1.03 a share, in year earlier quarter. Revenue nearly doubled to $24.79 billion. Analysts on average projected a loss of a loss of 30 cents a share on revenue of $21.73 billion. Shares of Citigroup rose over 11% in pre market trading.
Diversified US firm General Electric Co. (NYSE: GE) reported that first-quarter net income declined to $2.9 billion, 26 cents a share, from $4.47 billion, or 43 cents, year ago quarter. Revenue totaled $38.41 billion, down from the prior year's $42.23 billion.
Toy maker Mattel (NYSE: MAT) reported that its first net loss widened to $51 million, or 14 cents a share, from $46.6 million, or 13 cents a share, in the prior year quarter. Revenue decreased $785.6 million from $919.3 million.
Late on Thursday, Google (NASDAQ: GOOG) reported first quarter results that beat consensus view. Net income totaled $1.42 billion, or $4.49 per share, up 9% from $1.31 billion, or $4.12 per share, in the year ago period. However, for the first time in its history Google posted a sequential drop in sales. Sales for the quarter, minus traffic acquisition costs, were $4.07 billion, down from the $4.22 billion in the fourth quarter. Revenue was up 6% from first quarter of 2008.
General Motors (NYSE: GM) CEO Fritz Henderson will provide more details on the company's restructuring program.
On the front of economic data, University of Michigan/Reuters consumer sentiment index is scheduled to be released at 09:55 am ET.
European stocks advanced in afternoon trade. At 13:10 pm London time, the U.K. FTSE climbed 57.87 points or 1.43% to 4,110.85. The German DAX and French CAC gained 1.32% and 1.71% respectively.
Asian stocks finished up. The Nikkei 225 rose 152.32 points or 1.74% to 8,907.58. The Hang Seng index of Hong Kong increased 18.28 points or 0.12% to 15,601.27.
NYMEX Crude oil for May delivery fell as much as 57 cents, or 1.1% to $49.41 a barrel.
US stocks finished higher on Thursday as investors snapped up shares of technology and media companies amid recovery hopes.
Disclosure: Author does not own any of the stocks discussed here.
