(By Salman - iStockAnalyst Writer)US stock futures soared on Wednesday after JPMorgan Chase & Co. and Intel reported surprisingly strong quarterly results.
At 8:26 am ET, the S&P 500 futures rallied 14.10 points to 1082.90. The Dow Jones Industrial average futures jumped 97 points to 9906. The Nasdaq Composite futures surged 22.25 points to 1749.
Early on Wednesday, J.P. Morgan Chase Inc. (NYSE:
JPM) said that its third-quarter earnings jumped to $3.6 billion, or 82 cents a share in the third quarter, compared to $527 million, or 9 cents a share a year ago. Revenue increased to $26.62 billion from $14.74 billion.
Abbott Laboratories (NYSE:
ABT) reported Wednesday that its third-quarter net income climbed to $1.48 billion or $0.95 per share, compared to $1.09 billion or $0.69 per share in the prior year quarter. Net earnings, excluding specified items, for the quarter were $1.43 billion or $0.92 per share, compared to $1.24 billion or $0.79 per share in the year ago quarter. Revenue rose to $7.76 billion from $7.50 billion in the prior year quarter. Abbott boosted its fiscal 2009 ongoing earnings forecast to a range of $3.70 to $3.72 per share, from prior range of $3.65 to $3.70 per share.
Grainger Inc. (NYSE:
GWW) on Wednesday said third-quarter net income rose 3% to $144.56 million, or $1.88 a share from $140.02 million, or $1.77 a share in the comparable period last year. Revenue dropped to $1.59 billion from $1.84 billion.
Late on Tuesday, Intel Corp. (NASDAQ:
INTC), the world's largest chip maker, reported third quarter earnings of $1.86 billion, or 33 cents a share, down 7.8% from $2.01 billion, or 35 cents a share, a year earlier. Revenue dropped 8.1% to $9.39 billion. Looking ahead, Intel said that it expects fourth-quarter revenue of $9.7 billion to $10.5 billion.
Bloomberg LP said Tuesday that it has agreed to buy BusinessWeek magazine in order to expand its reach. The terms of the deal weren't disclosed.
On the economic front, a Department of Commerce release showed that retail sales fell 0.5% in September. Economists had forecast retail sales to decrease 2.1%.
Business inventories data is scheduled for release at 10:00 am ET. Investors might also focus on the minutes of the recently concluded FOMC meeting, slated for release at 14.00 pm ET.
US stocks finished mostly down on Tuesday after healthcare giant Johnson & Johnson (NYSE: JNJ) reported disappointing quarterly results.
European stocks advanced in afternoon trade. At 12:50 London time, the UK FTSE gained 101.64 points or 1.97% to 5,255.79. The German DAX and French CAC increased 2.34% and 2.04% respectively.
Asian stocks finished mixed. The Nikkei 225 fell 16.35 points or 0.16% to $10,060.21. The Hang Seng index of Hong Kong rose 419.12 points or 1.95% to 21,886.48.
NYMEX crude oil for November delivery climbed as much as $1 or 1.4% to $75.15 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
