(By Salman - iStockAnalyst Writer) US stock futures advanced on Monday after automaker Ford Motor Company posted a surprise third-quarter profit of $997 million.
At 8:16 am ET, the S&P 500 futures rose 4.90 points to 1037.90. The Dow Jones Industrial average futures climbed 36 points to 9700. The Nasdaq Composite futures advanced 3.50 points to 1669.
Early on Monday, Ford (NYSE:
F) announced Monday that it swung to third-quarter net income of $997 million, or 29 cents a share, compared to a loss of $161 million, or 7 cents a share, in the year-ago quarter. On an after-tax basis, excluding special items, Ford posted an operating profit of $873 million, or 26 cents a share, compared to a loss of $3 billion, or $1.32 a share, a year earlier. Revenue slipped to $30.9 million from $31.7 million. Shares of the automaker rallied in pre-market trading.
Health insurer Humana Inc. (NYSE:
HUM) reported that its third quarter net income jumped 65 percent to $301.6 million, or $1.78 per share, from $183 million, or $1.09 per share, in the prior-year quarter. Revenue climbed 8 percent to $7.72 billion.
Dean Foods Co. (NYSE:
DF) reported Monday that its third-quarter profit rose 32% to $49.7 million, or 27 cents a share, from $37.8 million, or 24 cents a share, in the comparable quarter last year. On an adjusted basis, the company earned 34 cents a share. Quarterly revenue dropped 13% to $2.77 billion from $3.19 billion.
Sysco Corp. (NYSE:
SYY) said Monday its first-quarter net income rose 18% to $326.2 million, or 55 cents a share, or $276.8 million, or 46 cents a share, in the corresponding period last year. Revenue declined to $9.1 billion from $9.9 billion.
Meanwhile, commercial lender CIT Group Inc. filed for Chapter 11 bankruptcy on Sunday.
On the economic front, construction spending, ISM index and pending home sales data are due for release at 10:00 am ET.
US stocks finished with steep losses on Friday as a decline in consumer confidence and consumer sentiment index spooked investors. A sharp selloff in financials also pressurized stocks.
European stocks advanced in afternoon trade. At 13:00 pm London time, the UK FTSE rose 30.80 points or 0.61% to 5,075.35. The German DAX and French CAC increased 0.10% and 0.57% respectively.
Asian stocks finished sharply lower. The Nikkei 225 slumped 231.79 points or 2.31% to 9,802.95. The Hang Seng index of Hong Kong fell 132.68 points or 0.61% to 21,620.19.
NYMEX crude oil for December delivery climbed $1 or 1.3% to $78 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
