(By Salman - iStockAnalyst Writer)US stock futures advanced on Monday after telecom giant Verizon reported stronger-than-expected quarterly earnings.
At 8:000 am ET, the S&P 500 futures rose 0.90 points to 1077.8. The Dow Jones Industrial average futures climbed 13 points to 9944. The Nasdaq Composite futures climbed 0.50 points to 1752.50.
Early on Monday, Verizon Communications Inc. (NYSE:
VZ) announced that its third quarter net income fell to $2.89 billion, or 41 cents a share, from $3.20 billion, or 59 cents a share, in the prior year quarter. On an adjusted basis, the company earned 60 cents a share. Revenue increased 10.2% to $27.27 billion. The company said that it added a net 1.2 million wireless customers in the third quarter.
US microchip designer Marvell Technology Group Ltd. (NASDAQ:
MRVL) on Monday raised its third quarter revenue guidance. The company said it now expects fiscal 2010 third-quarter revenue of $760 million to $775 million, citing "broad improvement in demand within multiple end markets." It previously had estimated $680 million to $730 million.
RadioShack Corp. (NYSE:
RSH) reported Monday that its third-quarter net income slipped to $37.4 million, or 30 cents a share, from $49.1 million, or 38 cents, in the comparable quarter last year. Quarterly revenue dropped to $990 million from the prior year's $1.022 billion, as same-store sales decreased 2.9%.
Fertilizer giant Mosaic Co. (NYSE:
MOS) announced Monday that it will pay a special dividend of $1.30 a share on Dec. 3 to shareholders of record as of Nov. 12.
Meanwhile, commercial real estate firm Capmark Financial filed for bankruptcy protection Sunday.
On the economic front, no major report is due for release on Monday.
US stocks tumbled on Friday as investors preferred to book profits after witnessing strong rally in the past few sessions.
European stocks advanced in afternoon trade. At 12:06 pm London time, the UK FTSE rose 10.91 points or 0.21% to 5,253.48. The German DAX and French CAC increased 0.37% and 0.23% respectively.
Asian stocks finished higher. The Nikkei 225 gained 79.63 points or 0.77% to $10,362.62.
NYMEX crude oil for December delivery declined 93 cents or 1.2% to $79.57 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
