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Futures Modestly Higher Ahead Of Bernanke Speech; Best Buy (BBY) Rallies

 August 06, 2012 09:14 AM
 


(By Balachander) U.S. stock index futures pointed to a modestly higher open on the Wall Street ahead of a speech by Federal Reserve Chairman Ben Bernanke even as investors continued to digest an upbeat nonfarm payrolls data reported last week.

Mini Dow Industrial Average futures added 9 points to 13,064. The Nasdaq futures gained 10.50 points to 2,681.50. Standard and Poor's 500 futures inched up 2.20 points to 1,391.20.

Investors keenly look ahead to a speech by Bernanke at 9.00 am ET for any hints regarding future monetary policy.

On Friday, U.S. stocks ended sharply higher after a government data showed payrolls climbed more than forecast in July. The U.S. Labor Department said 163,000 jobs were added in July, topping expectations of 100,000 jobs. The unemployment rate, however, rose to 8.3 percent from 8.2 percent.

Hot Stocks Of The Day: BBY, TSN, KCG, CTSH, HCA, AIG, LVS

[Related -Sony Corporation: Top Black Friday Deals For PS3, Xbox 360]

In corporate news, Best Buy Co. Inc. (NYSE:BBY) rallied 23.24 percent in premarket. Best Buy founder has offered $24 to $26 a share to buy out the ailing retailer. Schulze holds about 20 percent of BBY.

Tyson Foods Inc.(NYSE:TSN) posted lower earnings for the third quarter due to a loss of $167 million on early extinguishment of debt and the meat processor warned of lower 2012 profit amid softer-than-expected domestic demand for protein. Shares fell 1.56 percent in premarket.

[Related -Cognizant Technology Solutions Corp (CTSH): How Penetration Rates Are Faring?]

Knight Capital Group Inc. (NYSE:KCG) may be in focus after the company agreed to sell a total of $400 million of 2 percent convertible preferred stock, according to a filing with the U.S. regulators. Last week, the company revealed a loss of $440 million from a trading glitch and the company is considering strategic and financial alternatives.

Cognizant Technology Solutions Corp. (NASDAQ:CTSH) jumped 10.61 percent in premarket after the Teaneck, New Jersey-based information technology company raised its 2012 earnings guidance following better-than-expected quarterly results.

HCA Holdings Inc. (NYSE:HCA) rose 2.07 percent in premarket after the Nashville, Tennessee-based health care services company posted better-than-expected quarterly earnings, as higher patient volume and the consolidation of its HealthONE venture boosted growth in revenue.

American International Group Inc. (NYSE:AIG) announced that the Treasury has priced an offering of about 163.9 million shares at $30.50 apiece. The stock edged lower in premarket.

Las Vegas Sands Corp. (NYSE:LVS) fell 1.42 percent in premarket. Wall Street Journal reported that the U.S. Justice Department is probing whether the company broke U.S. money-laundering laws.

Global Markets:

European markets traded positive, with Germany's DAX adding 0.65 percent to trade at 6,910.49. France's CAC40 gained 0.69 percent at 3,397.53. U.K.'s FTSE 100 rose 0.25 percent to trade at 5,801.81.
 
Among Asian markets, China's Shanghai Stock Exchange Composite Index gained 1.04 percent to finish at 2,154.92. Japan's Nikkei 225 rallied 2.00 percent to end at 8,726.29. Hong Kong's Hang Seng Index jumped 1.69 percent to end at 19,998.72. India's BSE Sensex finished at 17,412.96, up 1.25 percent.

Market Scan:

Ahead of the opening bell, crude oil futures shed 0.31 percent to $91.12 per barrel. Gold futures rose 0.17 percent to $1,612.000 per ounce.
 
In the currency market, the euro edged 0.08 percent lower against the U.S. dollar at 1.2377 and the British pound declined 0.43 percent against the greenback to 1.5573. The dollar dropped 0.23 percent against the Japanese yen to 78.2800.

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