(By Salman - iStockAnalyst Writer)US stock futures gained on Friday after Sears Holding Corp. reported a surprise quarterly profit.
At 8:26 am ET, Standard & Poor's 500 Index futures rose 5.90 points to 894.60. Dow Jones Industrial Average futures climbed 53 points to 8348. Nasdaq Composite Index futures gained 6.75 points to 1374.25.
Early on Friday,
Sears Holdings Corp. (
NASDAQ: SHLD) announced that it swung to a profit of $26 million or 21 cents a share compared to a loss of $56 million, or 43 cents a share, in the comparable quarter in 2008. On an adjusted basis, the company earned $47 million, or 38 cents a share, for the quarter that ended May 3. Revenue slipped 9% to $10.06 billion from $11.07 billion.
According to media reports, the Obama administration is preparing to send troubled US automaker General Motors Corp. (NYSE: GM)into bankruptcy as early as the end of next week.
Late on Thursday,
Salesforce.com Inc. (
NYSE: CRM) said that its first-quarter net income climbed to $18.4 million, or 15 cents a share, from $9.6 million, or 8 cents a share, in the prior year quarter. Revenue jumped 23% to $304.9 million.
Autodesk Inc.(
NASDAQ: ADSK) swung to a first-quarter loss of $32.1 million, or 14 cents a share, compared with a profit of $94.6 million, or 41 cents a share, in the year-earlier quarter. Revenue decreased to $425.8 million from $598.8 million.
Campbell Soup (
NYSE: CPB) reported that net its fiscal third quarter income plunged to $174 million, or 49 cents a share, from $532 million, or $1.40 a share, in the year ago quarter. Revenue declined 10% to $1.7 billion.
British Airways On Friday announced that it swung to a fourth quarter loss of 231 million pounds
($366 million) compared to a profit of 74 million pounds in the corresponding quarter last year.
US stocks finished lower on Thursday after Standard & Poor's cut its outlook on Britain to negative from stable fueling fears that the United States too is at risk of losing its AAA credit rating. However, Moody's Investors Service on Thursday said that there are longer-term pressures on the rating.
European stocks advanced in afternoon trade. At 13:12 pm London time, the UK FTSE rose 29.89 points or 0.69% to 4,375.36. The German DAX and French CAC gained 0.86% and 0.94% respectively.
Asian stocks finished with losses. The Nikkei 225 fell 38.34 points or 0.41% to 9,225.81. The Hang Seng index of Hong Kong slipped 136.97 points or 0.80% to 17,062.52.
NYMEX Crude oil for June delivery climbed as much as 77 cents, or 1.3 percent, to $61.82 a barrel.
Disclosure: Author does not own any of the stocks discussed here.
