Stock futures continue to indicate a higher open this morning after
results from Dell (
DELL) and Tiffany (
TIF) lift bullish sentiment.
With Thursday's modestly higher close, the Dow has now advanced in
eight straight sessions, a streak last seen early in 2007. Analysts
also warned that modest signs of recovery have been well priced into
stocks already.
So far, stock futures retained early gains after the release of another economic report.
U.S. personal incomes were unchanged in July as consumer spending
increased 0.2%. Inflation was tame during the month, with consumer
prices flat. Excluding food and energy, consumer prices rose 0.1%.
A measure of consumer sentiment is due out later this morning.
Already firm oil futures moved slightly higher after the economic
data. Crude oil for October delivery are up $0.35 to $72.84 a barrel in
electronic trading on Globex.
Major bank, brokerage, mortgage and insurance shares are all
posting solid pre-market gains. Citi (
C) is up 4.5%, while Bank of
America (
BAC) is up 1.5%.
Tech shares are also driving the broader market higher following earnings from key sector names.
Dell (
DELL) drifted between unchanged and just lower in after-hours
trading following its earnings release but has gained in today's
pre-market session higher. Dell reported Q2 EPS of $0.24 per share, a
penny better than the Street view. Revs were $12.8 bln, better than the
analyst mean of $12.59 bln on Thomson Reuters.
Marvell (
MRVL) is posting robust early gains. The company guided
above the Street view for Q3 during last evening's extended-hours
period.
Retailers are also higher though off the best pre-market levels. J.
Crew (
JCG) is up, extending its after-hours gain that followed its Q2
beat and guidance that's in line to above the Street. Tiffany (
TIF) is
up 7% in pre-bell action after it beat with Q2 results and raised its
FY EPS guidance.