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Wednesday, April 23, 2008

Upbeat on Wall Street

Stock futures rose early Friday after Internet giant Google defied the economic slowdown and posted a hefty quarterly profit, good news that was balanced by more pain in financial sector results.

About three hours before the market open, Nasdaq and S&P futures were higher and indicating a positive start for Wall Street despite mixed earnings results from the most recent company reports.

Google (GOOG, Fortune 500) reported a 30% jump in quarterly profit late Thursday. The company also reported a rise in its paid clicks, quieting fears of slowing growth. Paid clicks measure how often users click on text ads.

Google shares surged 15% in early trading in Frankfurt Friday morning.

Stocks finished mixed Thursday as investors weighed a string of earnings. Merrill Lynch disappointed investors with a big loss while IBM turned in a solid performance.

Citigroup (C, Fortune 500) showed there was still more pain in financial sector, as the nation's largest bank reported a loss of $5.1 billion loss that was worse than expected as it announced another $12.1 billion in writedowns.

Caterpillar (CAT, Fortune 500), another stock in the Dow 30, also is due to post its quarterly results before the opening bell.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Monday, Jun 30
06:30 ANZ Activity Outlook 1 34.8
06:30 ANZ Business Confidence 1 36.6
06:30 TD-MI Inflation Gauge (MoM) 1 -0.4%
06:30 TD-MI Inflation Gauge (YoY) 2 2.6%
07:00 Private Sector Credit (MoM) 1 0.7% 0.7%
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