(By Salman - iStockAnalyst Writer)US stock futures climbed on Friday after a government release showed that US consumer spending, which accounts for nearly two third of the economy, increased 0.2% in July.
At 8:36 am ET, the S&P 500 futures rose 4.50 points to 1033.80. The Dow Jones Industrial Average futures climbed 29 points to 9596. The Nasdaq Composite futures advanced 7.75 points to 1646.75.
A release by Commerce Department showed that US consumer spending, which accounts for nearly two third of the economy, increased 0.2% in July. Personal income remained unchanged in July. Economists expected consumer spending to rise 0.2% and personal income to increase 0.1% in July.
Early on Friday, Tiffany & Co. (NYSE:
TIF) said that its second-quarter plunged 30% to $56.8 million, or 46 cents per share, from $80.8 million, or 63 cents per share, in the prior year period. Revenue dropped 16% to $612.5 million.
China Unicom Ltd. said Friday that it has signed a three-year agreement to purchase iPhones from Apple (NASDAQ:
AAPL) on a wholesale basis. The company said the launch is expected in the fourth quarter of 2009.
Late on Thursday, Dell Inc. (NASDAQ:
DELL) reported net income of $472 million, or 24 cents a share, for the quarter ended July 31, a 23 percent decline from the $616 million in net income, or 31 cents a share, reported in the same quarter last year. Excluding costs associated with its ongoing restructuring, Dell reported earnings of 28 cents per share. Revenue declined 22 percent, to $12.8 billion, from $16.4 billion a year ago.
Marvell Technology (NASDAQ:
MRVL) reported that its fiscal second-quarter profit fell to $58.5 million, or 9 cents a share, from $71.4 million, or 11 cents a share, in the year ago quarter. On an adjusted basis, the company earned 18 cents a share. Revenue slumped to $640.6 million from $842.6 million.
Novell (NASDAQ:
NOVL) said that it swung to a third-quarter profit of $16.7 million, or 5 cents a share, from a loss of $15.1 million, or 4 cents a share, in the same quarter a year ago. Revenue for the quarter ended in July dropped to $216.1 million from $245.2 million.
On the economic front, University of Michigan/Reuters consumer sentiment data is due for release at 09:55 am ET.
US stocks finished with gains on Thursday as a rally in financial stocks lifted sentiment.
European stocks advanced in afternoon trade. At 12:44 pm London time, the UK FTSE gained 50.16 points or 1.03% to 4,919.51. The German DAX and French CAC increased 1.43% and 1.52% respectively.
Asian stocks finished mixed. The Nikkei 225 rose 60.17 points or 0.57% to 10,534.14. The Hang Seng index of Hong Kong fell 114.13 points or 0.71% to 20,098.62.
NYMEX crude oil for October delivery declined as much as 86 cents or 1.2% to $73.35 a barrel in electronic trading.
Disclosure: Author doesn’t own any of the stocks discussed here.
