(By Salman - iStockAnalyst Writer)US stock futures advanced on Monday on reports that commercial lender CIT Group has secured $3 billion deal with key bondholders that will help it avoid bankruptcy.
At 8:16 am ET, Standard & Poor's 500 Index futures increased 5.70 points to 942.60. Dow Jones Industrial Average futures rose 53 points to 8750. Nasdaq Composite Index futures climbed 7.50 points to 1535.50.
Late on Sunday, commercial finance company
CIT Group Inc.'s (NYSE:
) board approved a deal late Sunday with major bondholders to avoid bankruptcy with a $3 billion emergency loan. The emergency loan would provide temporary financing for CIT Group so it can complete a debt exchange that would swap current outstanding bonds for new bonds that mature at a later date.
Early on Monday, toy maker
Hasbro (NYSE:
) said that second quarter net earning rose 5% to $39.3 million, or 26 cents per share, from $37.5 million, or 25 cents per share, in the year-ago quarter. On an adjusted basis, the company earned 32 cents per share. Revenue climbed 1% to $792.2 million from $784.3 million last year. Excluding the adverse affect of the stronger dollar, net revenue rose 7 percent.
Halliburton (NYSE:
) said that its second-quarter profit plunged 48% to $262 million, or 29 cents per share from $504 million, or 55 cents a share, in the prior year quarter. Revenue declined 22% to $3.5 billion.
Johnson Control Inc. (NYSE:
) said that its fiscal third-quarter profit declined to $163 million, or 26 cents a share, from $439 million, or 73 cents a share in the year-earlier period. On an adjusted basis, the company earned 25 cents a share. Revenue dropped to $7 billion from $9.9 billion.
On the economic front,
leading indicators data is due for release at 10:00 am ET.
US stocks finished mostly higher on Friday after technology giant
IBM (NYSE:
) reported results that beat Wall Street estimates.
European stocks advanced in afternoon trade. At 13:14 pm London time, the UK FTSE climbed 63.24 points or 1.44% to 4,451.99. The German DAX and French CAC gained 1.29% and 1.48%..
Asian stocks finished up. The Nikkei 225 rose 51.16 points or 0.55% to end at 9,395.32. The Hang Seng index of Hong Kong jumped 696.71 points or 3.70% to 19,502.37.
NYMEX crude oil for August delivery climbed as much as $1.34, or 2.1 percent, to $64.90 a barrel in electronic trading
Disclosure: Author does not own any of the stocks discussed here.
