(By Salman - iStockAnalyst Writer)US stock futures rose on Wednesday after better than expected ADP payroll data spurred recovery hopes.
At 8:26 am ET, Standard & Poor's 500 Index futures advanced 3.60 points to 907. Dow Jones Industrial Average futures increased 33 points to 8415. Nasdaq Composite Index futures gained 2.25 points to 1429.50.
According to report,
Bank of America Corp. (
NYSE: BAC) would require about $34 billion in fresh capital as a result of its U.S. government stress test. Meanwhile, the New York Times said that
Citigroup (
NYSE: C) will have to raise $5 billion to $10 billion in new capital to meet U.S. government requirement.
Results of the stress tests conducted by government officials, the
Federal Reserve on the 19 largest U.S. financial companies will be released on May 7 publicly. According to the Wall Street Journal, about 10 of the 19 largest U.S. banks being stress tested will be asked by regulators to raise additional capital.
ADP survey on Wednesday reported that a total of 491,000 private-sector jobs were lost in April. Economists had projected a drop of 645,000 private sector jobs.
Late on Tuesday,
Walt Disney Co. (
NYSE: DIS) said that its fiscal second-quarter profit plunged 46% to $613 million, or 33 cents a share, from $1.13 billion, or 58 cents a share, in the prior year quarter. On an adjusted basis, the company earned 43 cents a share in the latest quarter. Revenue decreased 7% to $8.1 billion.
Lincoln National Corp. (
NYSE: LNC) said that it swung to a fiscal first quarter loss of $579 million, or $2.27 a share, from a profit of $289 million, or $1.10 a share, in the year ago quarter.
Pulte Homes Inc. (
NYSE: PHM) reported that its first-quarter loss narrowed to $514.8 million, or $2.02 a share, from a loss of $696.1 million, or $2.75 a share, in the same quarter last year. Revenue slid to $587.4 million from $1.45 billion.
Las Vegas Sands (
NYSE: LVS) on Tuesday said that its first quarter loss nearly tripled to $34.6 million, or 14 cents a share, compared to a loss of $11.2 million, or 3 cents a share, in the similar quarter, a year ago.
Electronic Arts Inc. (
NASDAQ: ERTS) reported that its fiscal fourth quarter net loss narrowed to $42 million, or 13 cents a share, compared to a loss of $94 million, or 30 cents a share, in the comparable quarter last year. Revenue decreased 24% to $860 million.
Networking giant
Cisco Systems (
NASDAQ: CSCO) is scheduled to report quarterly results after the market close on Wednesday.
European stocks were mixed in afternoon trade. At 13:14 pm London time, the UK FTSE climbed 120.73 points or 2.5% to 4,363.95. The German DAX fell 0.16% while French CAC added 1.40% and 0.87% respectively.
Asian stocks finished higher. The Hang Seng index of Hong Kong climbed 404.49 points or 2.46% to 16,834.57.
NYMEX Crude oil for June delivery climbed as much as 1.1% to $54.44 a barrel.
Disclosure: Author does not own any of the stocks discussed here.
