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Futures Higher Ahead Of Alcoa, Inc. (AA) Earnings

 July 08, 2013 09:11 AM

U.S. futures pointed to a higher opening on Monday as investors await the earnings report of Alcoa, Inc. (NYSE:AA), which marks the official beginning of a quarterly earnings season.

Mini Dow Industrial Average futures were up 71 points to 15,147.00. The Nasdaq futures gained 17.75 points to 2,974.25. Standard and Poor's 500 futures rose 8.75 points to 1,636.00.

U.S. stocks closed higher on Friday, as positive economic data continued to lend support to the markets.

On the global economic front, German industrial production declined 1 percent in May. The reading came in lower than economists' forecast of 0.5 percent drop.

As there were no key U.S. economic data, investors would be focusing on the speech of ECB president Draghi and the earnings of Alcoa. Wall Street expects the aluminum major to report earnings of 6 cents a share on revenue of $5.83 billion, according to analysts polled by Thomson Reuters.


[Related -United States Steel Corporation (X): Small Insider Buy, Big Rewards?]

Following stocks have shown significant activity in the pre-market trading hours.

Dell Inc. (NASDAQ:DELL) climbed 2.5 percent after investment advisory firm ISS has recommended shareholders to vote for Chief Executive Michael Dell's $24.4 billion offer for the PC maker.

Linn Energy, LLC (NASDAQ:LINE) gained about 5 percent after Bank of America upgraded Linn Energy from "neutral" to "buy."

SolarCity Corporation (NASDAQ:SCTY) were up 2.4 percent to $39. During the past 52-weeks, the stock was trading between $9.20 and $52.77.

[Related -SolarCity Corp (SCTY): Aggressively Priced?]

Xerox Corporation (NYSE:XRX) added 2 percent to $9.59. The stock was trading between $6.10 and $9.62 in the past one year.

Natus Medical Inc. (NASDAQ:BABY) plunged 9 percent to $13.09 after it lowered its second quarter revenue guidance citing Weakness in its International markets, particularly Europe, led to an unexpected decline in revenue late in the quarter.

ClickSoftware Technologies Ltd. (NASDAQ:CKSW) dropped 10.58 percent after it said it sees lower than expected revenue growth due to a faster than expected shift in its revenues to cloud-based software-as-a-service sales. The company further anticipates a loss for its second quarter.

Cytokinetics, Incorporated (NASDAQ:CYTK) fell 10 percent after its update on the conduct of Blinded Evaluation of Neuromuscular Effects and Functional Improvement with Tirasemtiv in amyotrophic lateral sclerosis. The company said it was recently informed by its data management vendor that a programming error in the electronic data capture system controlling study drug assignment caused 58 patients initially randomized to and treated with tirasemtiv to receive placebo instead at a certain study visit and for the remainder of the study.

Global Markets

European markets traded in the positive territory, with France's CAC40 traded 2.04 percent higher at 3,830.29 and Germany's DAX were up 2.44 percent to trade at 7,996.37. The U.K.'s FTSE 100 also gained 0.54 percent to trade at 6,456.19.

Among the Asian markets, China's Shanghai Composite Index fell 2.44 percent to close at 1,958.27, while Hong Kong's Hang Seng Index were down 1.31 percent to close at 20,582.19. Japan's Nikkei 225 also dropped 1.40 percent to finish at 14,109.34 and India's BSE Sensex finished at 19,324.77, down 0.88 percent.

Commodity & Currency Scan

Crude oil futures were down 0.41 percent to $102.80 per barrel. Gold futures, however, gained 1.81 percent to 1,234.60 per ounce.

In the currency market, the euro gained 0.16 percent against the U.S. dollar to 1.2850 and the British pound also added 0.19 percent to 1.4919. However, the dollar fell 0.11 percent against the Japanese yen at 101.0900.



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