(By Salman - iStockAnalyst Writer)US stock futures climbed on Friday ahead of key economic data, amid hopes that the recession is easing.
At 8:37 am ET, Standard & Poor's 500 Index futures rose 3.50 points to 873.50. Dow Jones Industrial Average futures increased 27 points to 8153. Nasdaq Composite Index futures advanced 5.50 points to 1399.
Citigroup (
NYSE: C) announced on Friday that it's selling its Japanese domestic securities business to Sumitomo Mitusi Banking Corp., for 774.5 billion yen ($7.9 billion).
Meanwhile, according to the Wall Street Journal,
Bank of America Corp's (
NYSE: BAC) board is not planning to oust Chief Executive Kenneth Lewis after he was removed as chairman under shareholder pressure.
Early on Friday,
Chevron Corp. (
NYSE:CVX) reported that its first quarter net income tumbled 64% to $1.84 billion, or 92 cents a share, from $5.17 billion, or $2.48 a share, in the year-ago period. Revenue slipped 46% to $35 billion from $65 billion.
Aon Corp. (
AOC) announced that its first-quarter net profit rose 28% to $280million, or 97 cents a share, from $218 million, or 68 cents a share, in the comparable quarter a year ago. Revenue decreased 3% to $1.85 billion.
MasterCard Inc. (
NYSE: MA) said that its first quarter profit slumped to $367.2 million, or $2.80 a share, from $446.9 million, or $3.37 a share, in the same period a year ago. Revenue declined to $1.56 billion, from $1.82 billion last year.
Late on Thursday,
Hartford Financial Services (
NYSE: HIG) reported that it swung to a first-quarter net loss of $1.209 billion, or $3.77 a share, compared to net income of $145 million, or 46 cents a share, in the prior year quarter.
MetLife Inc. (
NYSE: MET) said that it slipped to first-quarter net loss of $574 million, or 71 cents a share, compared to net income of $615 million, or 84 cents a share, in the year ago quarter.
McAfee (
NYSE: MFE) reported that its first-quarter net income climbed to $51.8 million, or 34 cents a share, from $30.2 million, or 18 cents a share, in the same quarter a year earlier. On an adjusted basis, the company earned 57 cents a share. Quarterly revenue jumped to $448 million from $369.6 million.
US stocks finished flat on Thursday after President Barack Obama confirmed that number three US automaker Chrysler would file for Chapter 11 bankruptcy protection. However, the automaker reached an alliance agreement with Fiat will supply small vehicle and engine technology, as well as distribution of Chrysler vehicles in Europe and other parts of the world, in return for an initial 20 percent equity stake in Chrysler.
On the front of economic data, University of Michigan/Reuters consumer sentiment index, factory orders, ISM index and auto sales data are scheduled for release on Friday.
European stocks climbed in afternoon trade. At 13:06 pm London Time, UK FTSE advanced 0.73 points or 0.02% to 4,244.44.
Asian stocks finished with gains. The Nikkei 225 rose 149.11 points or 1.69% to 8,977.37.
NYMEX Crude oil for June delivery declined as much as 69 cents, or 1.4% to $50.43 a barrel.
Disclosure: Author does not own any of the stocks discussed here.
