logo
  Join        Login             Stock Quote

Futures Inch Higher Before Fed Decision; Eli Lilly (LLY) Drops

 December 12, 2012 09:16 AM
 


(By Balachander) U.S. stock-index futures pointed to a modestly higher opening on the Wall Street as investors await Federal Reserve's monetary policy decision and continue to eye negotiations in Washington over a deal to avert the the looming "fiscal cliff". 

Mini Dow Industrial Average futures rose 10.00 points to 13,292. The Nasdaq futures gained 7 points to 2,692.75. Standard and Poor's 500 futures added 2 points to 1,433.50.

Investors keenly anticipate announcement from the Federal Reserve's two-day meeting and Fed Chairman Ben Bernanke's conference for any hints regarding monetary policy. Economists expect the Fed to launch a new bond-buying program to spur growth.

Also weighing on the sentiment were talks in Washington over an agreement to address the so-called "fiscal cliff". President Barack Obama has pushed for higher taxes on wealthy Americans to address the fiscal cliff of roughly $600 billion in spending cuts and tax increases that could hit economic growth.

[Related -Costco Wholesale Corporation (NASDAQ:COST) Q1 Earnings Preview: Membership Fees Or Bust]

A government data showed that import prices fell 0.9 percent in November after a 0.5 percent gain in October, sharper than economists expectations of a decline of 0.4 percent. Export prices also dropped 0.7 percent after remaining unchanged in October.

On Tuesday, U.S. stocks ended on a positive note amid hopes of an agreement to address the so-called "fiscal cliff" and investors await Fed's policy decision on Wednesday.

Hot Stocks Of The Day: LLY, DD, COST, MCP, HES, DISH, CRL

[Related -Molycorp Inc (MCP): Will Q3 Results Impress Investors?]

In corporate news, Eli Lilly & Co. (NYSE: LLY) shed 3.95 percent in premarket after the pharma giant announced plans to conduct an additional late-stage study of solanezumab in patients with mild Alzheimer's disease.

DuPont (NYSE: DD) rose 3.11 percent in premarket after the chemical maker said it expects earnings for 2012 at the high end of its forecast and announced a $1 billion share buyback plan.

Costco Wholesale Corp. (NASDAQ: COST) added 1.40 percent in premarket after the U.S. warehouse-club chain posted better-than-expected quarterly earnings.

Molycorp Inc. (NYSE: MCP) plunged 6.3 percent after the rare-earths producer announced that Chief Executive Officer Mark Smith has left the company. Molycorp named Constantine Karayannopoulos as interim chief executive.

Dish Network Corp. (NASDAQ: DISH) fell 1.40 percent in premarket. The Federal Communications Commission has approved the satellite TV provider's wireless service and also a framework for a spectrum auction next year.

Hess Corp. (NYSE: HES) added 1.90 percent in premarket after the energy company announced discovery of oil offshore Ghana.

Charles River Laboratories (NYSE: CRL) dropped 3.54 percent in premarket after the outsourced preclinical services company forecast 2013 earnings that trailed market expectations.

Global Markets

European markets traded mixed, with Germany's DAX up 0.38 percent to trade at 7,618.42. France's CAC40 edged 0.03 percent lower to trade at 3,645.04. The U.K.'s FTSE 100 rose 0.25 percent to trade at 5,940.04.

Among Asian markets, China's Shanghai Stock Exchange Composite Index added 0.39 percent to finish at 2,082.73. Japan's Nikkei 225 gained 0.59 percent to close at 9,581.46. Hong Kong's Hang Seng Index rose 0.80 percent to end at 22,503.35. India's BSE Sensex ended at 19,355.26, down 0.16 percent.

Commodity & Currency Scan

Ahead of the opening bell, crude oil futures advanced 0.56 percent to $86.27 per barrel. Gold futures rose 0.48 percent to $1,717.80 per ounce.

In the currency market, the euro rose 0.28 percent against the U.S. dollar to 1.3041, and the British pound advanced 0.17 percent to 1.6143. The dollar added 0.45 percent against the Japanese yen to 82.8900.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageInitial Jobless Claims Rose Unexpectedly

Claims unexpectedly rose in the latest report through last weekend to breach 300,000 for the first time read on...

article imageAll Quiet on the Record High Front

What can we glean from the media’s lack of attention to the market’s recent record read on...

article imageThe Chip Maker Short Sellers Should Be Watching

Investing in semiconductor stocks is always tricky. Industry cycles can lead to bumps in the road for the read on...

article imageChicago Fed: US Economic Growth Slowed In October

The pace of US growth slowed more than expected in October, according to this morning’s update of the read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.