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US Stock Futures Rise On Tech Earnings, Citigroup (NYSE: C) Eyed

 September 17, 2010 08:55 AM

 US stock-index futures climbed on Friday as better-than-expected earnings from Oracle and Research in Motion buoyed investor sentiment.

At 08:30 am ET, the S&P 500 futures rose 2.90 points to 1,125.50. The Dow Jones Industrial average futures advanced 30 points to 10,580. The Nasdaq Composite futures climbed 6.75 points to 1,956.50.

The Department of Labor said Friday that consumer prices increased 0.3% in August. The core consumer price index, which excludes food and energy, was flat. Economists expected consumer price index to increase 0.2% and core prices to rise 0.1%.

Citigroup (NYSE: C) is expected to announce a deal to unload its student-lending subsidiary, Student Loan Corp., to investors as early as today, according to a report in The New York Post.

Crucell N.V. (NASDAQ: CRXL) surged more than 54% in pre-market trading after healthcare giant Johnson & Johnson (NYSE: JNJ) said that it is in advanced negotiations to buy all outstanding ordinary shares of Crucell not already held by Johnson & Johnson and its affiliates.

Oracle Corp. (NASDAQ: ORCL) said late Thursday that its fiscal first-quarter net income climbed 20% to $1.35 billion, or 27 cents a share, from $1.12 billion, or 22 cents a share, in the year-ago quarter. On an adjusted basis, the company earned 42 cents a share in the latest quarter. Revenue jumped 48% to $7.5 billion from $5.05 billion in the same quarter last year. Oracle shares rallied more than 3% in pre-market trading.

Research In Motion Limited (NASDAQ: RIMM) reported that its second quarter net income surged 68% to $796.7 million, or $1.46 per share, from $475.6 million, or 83 cents per share, in the year-earlier quarter. Revenue grew 31% to $4.62 billion.

Texas Instruments Inc. (NYSE: TXN) late Thursday said that its Board of Directors authorized the company to repurchase an additional $7.5 billion of its common stock. This is in addition to the $1.3 billion in repurchase authorizations remaining at the end of June 2010. Additionally, the company plans to raise its quarterly cash dividend by $0.01 per common share.

Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) tumbled more than 45% after it announced that the US Food and Drug Administration Endocrinologic and Metabolic Drugs Advisory Committee voted 9 to 5 that the available data do not adequately demonstrate that the potential benefits of lorcaserin outweigh the potential risks, when used long-term in a population of overweight and obese individuals to allow marketing approval.

On the economic front, Thomson Reuters/University of Michican consumer sentiment data is due for release at 09:55 am ET.

US stocks finished little changed on Thursday as mixed economic data and disappointing outlook from FedEx soured investor sentiment.

European stocks advanced in afternoon trade. At 12:50 pm London time, the UK FTSE gained 19.67 points, or 0.36%, to 5,559.81. The German DAX and French CAC increased 0.23% and 0.50% respectively.

Asian stocks finished higher. The Nikkei 225 climbed 116.59 points, or 1.23%, to 9,626.09. The Hang Seng index of Hong Kong rose 279.41 points, or 1.29%, to close at 21,970.86.

NYMEX crude oil for October delivery climbed as much as 68 cents, or 0.9 percent, to $75.25 a barrel  in electronic trading.

Disclosure: Author doesn't own any of the stocks discussed here.


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