(By Salman - iStockAnalyst Writer)US stock futures advanced on Monday as Group of 20 countries on Saturday agreed to keep their economic stimulus packages in place.
At 8:11 am ET, the S&P 500 futures climbed 10.40 points to 1076.50. The Dow Jones Industrial average futures rose 89 points to 10067. The Nasdaq Composite futures rose 15.75 points to 1745.50.
Overseas markets gained on Monday as finance ministers of Group of 20 countries on Saturday pledged to "continue to provide support for the economy until the recovery is assured."
Late on Friday, Berkshire Hathaway (NYSE: BRK-A) reported that its third-quarter net income more than doubled to $3.24 billion, or $2,087 per Class A equivalent share, versus $1.06 billion, or $682 per Class A equivalent share, in the prior-year quarter.
Early on Monday, Rockwell Automation Inc. (NYSE:
ROK) said that its fiscal fourth-quarter earnings declined to $28.9 million, or 20 cents a share, from $125.6 million, or 87 cents a share, in the comparable period last year. Revenue plunged 28% to $1.1 billion from $1.5 billion.
EchoStar Corp. (NASDAQ:
SATS) reported that it swung to a third-quarter net profit of $293.9 million, or $3.45 a share, compared to a loss of $307.9 million, or $3.43 a share, in the same quarter of 2008. Quarterly revenue tumbled 22% to $482.9 million.
Windstream Corp. (NYSE:
WIN) said that its third-quarter net profit tumbled 24% to $80 million, or 18 cents a share, from $105.9 million, or 24 cents a share, in the year-earlier quarter. Revenue slipped 8% to $734.3 million.
Kraft Foods (NYSE:
KFT), the world's second largest food company, is expected to launch a hostile takeover bid for British candy group Cadbury's on Monday.
Electronic Arts (NASDAQ:
ERTS) is scheduled to report fiscal second quarter eanings after the market close on Monday. Analysts, on average, expect the video game publisher to report earnings of 7 cents a share on revenue of $1.13 billion.
Bond insurer MBIA Inc. (NYSE:
MBIA) and biotech firm Sequenom (NASDAQ:
SQNM) too are reporting after the closing bell on Monday.
On economic front, no major data is due for release on Monday.
US stocks finished higher on Friday as investors shrugged off disappointing government data showing the unemployment rate hit 10.2 percent in October - the highest in 26-1/2 years.
European stocks advanced in afternoon trade. At 12:26 pm London time, the UK FTSE gained 70.91 points or 1.38% to 5,213.63. The German DAX and French CAC increased 1.59% and 1.46% respectively.
Asian stocks finished higher. The Nikkei 225 rose 19.64 points or 0.20% to 9,808.99. The Hang Seng index of Hong Kong jumped 377.83 points or 1.73% to 22,207.55.
NYMEX crude oil for December delivery climbed as much as $1.52 or 2% to $78.95 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
