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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
Thursday, Jun 12
21:30 USDA WASDE Report 1
22:30 30-Year Bond Auction 1 4.844% 4.819%
Friday, Jun 13
04:00 Business NZ PMI 2 47.5 53.3 Revised from 53.9
14:00 Consumer Inflation Expectations 2 3.2% 3.4%
18:00 Manufacturing Sales (MoM) 1 -2.0% -1.4%
18:00 Capacity Utilization 1 79.8% 79.8%
18:00 Wholesale Sales (MoM) 1 -0.9% 0.2%
19:30 UoM 5-year Consumer Inflation Expectation 2 4.2%
19:30 Michigan Consumer Sentiment Index 3 53.5 52.2
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