Friday, April 24, 2009

Wall Street Set To Extend Gains On Ford Results, Amazon In Focus

. Friday, April 24, 2009

By stockOzone team

US stock futures pointed to a higher open on Friday after Ford Motor Co. posted quarterly loss that exceeded consensus estimates. At 8:21 am ET, Standard & Poor's 500 Index futures advanced 5.10 points to 853.80. Dow Jones Industrial Average futures increased 31 points to 7946. Nasdaq Composite Index futures gained 11 points to 1353.Ford Motor Co. (NYSE: F) reported a smaller first quarter net loss of $1.8 billion, or 75 cents a share, compared to net income of $477 million, or 20 cents a share, in the prior year period. Revenue declined to $24.8 billion from $39.2 billion.
3M Co.(NYSE: MMM) said that its first-quarter net income slumped to $518 million, or 74 cents a share, from $1 billion, or $1.38 a share, in the comparable period last year. On an adjusted basis, the company earned 81 cents a share. Revenue dropped 21.3% to $5.1 billion from $6.5 billion.

Xerox Corp. (NYSE: XRX) said that it swung to a first-quarter profit of $42 million, or 5 cents a share, compared with a loss of $244 million, or 27 cents a share, in year-ago quarter. Revenue decreased 18% to $3.55 billion from $4.34 billion.

Late on Thursday, Microsoft Corp.'s (NASDAQ: MSFT) announced that its fiscal third-quarter net income fell 32% to $3 billion, or 33 cents a share, down from $4.39 billion, or 47 cents a share, in the same quarter a year earlier. Revenue slipped to $13.65 billion from $14.45 billion.

Credit card giant American Express (NYSE: AXP) said that its first quarter profit plunged $437 million, or 31 cents a share, from $991 million, or 85 cents, during the same quarter a year ago. Revenue totaled $5.9 billion, down 18% from a year ago. Inc. (NASDAQ: AMZN) reported first quarter profit that beat consensus estimates. Net income jumped 24% to $177 million, or 41 cents a share, from $143 million, or 34 cents a share, in the year-earlier quarter. Revenue increased 18% to $4.89 billion.

The New York Times on Thursday reported that U.S. Treasury is preparing a Chapter 11 bankruptcy filing for struggling automaker Chrysler LLC.

On the front of economic data, according to Department of Commerce, orders for durable goods fell 0.8% in March. Economists on average had projected a decline of 1.5%.

New home sales data for the month of March is scheduled for release at 10:00 am ET.

European stocks were higher in afternoon trade. At 13:18 London Time, UK FTSE climbed 79.51 points or 1.98% to 4,097.74. The German DAX and French CAC increased 2.14% and 2.02% respectively.

Asian stocks finished mixed. The Nikkei 225 fell 139.02 points or 1.57% to 8,707.99. The Hang Seng index of Hong Kong rose 44.39 points or 0.29% to 15,258.85.

NYMEX Crude oil for June delivery climbed as much as 52 cents or 1.1% to $50.14 a barrel in the electronic trade.

Disclosure: Author does not own any of the stocks discussed here.

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