Stock-index futures flat as focus turns to earnings

With stocks at record highs, investors look to corporate profit picture

Nov 10, 2014 @ 6:54 am

By Bloomberg News

Stock-index futures were little changed, after the Standard & Poor's 500 Index posted a third weekly gain, as investors watched corporate results.

Futures on the S&P 500 expiring in December rose 0.1% to 2,028.4 at 6:47 a.m. in New York. Dow Jones Industrial Average contracts added 24 points, or 0.1%, to 17,525.

“There is no downward pressure and people are waiting for another leg upwards,” Herbert Perus, who helps oversee $36 billion as head of equities at Raiffeisen Capital Management in Vienna, said. “One of the triggers could be the company news out this week with quarterly figures from Cisco and Wal-Mart.”

Sixteen companies on the S&P 500 (SPX) report earnings this week, including Cisco Systems Inc. and Wal-Mart Stores Inc. Of those that have posted results so far, 80% beat estimates for profit and 60% topped sales estimates, according to data compiled by Bloomberg.

The S&P 500 has rebounded 9.1% from a six-month low on Oct. 15 amid better-than-estimated company earnings and economic data. It closed at a record 2,031.92 on Nov. 7.

BlackBerry Ltd. added 0.8% to $10.61 in early New York trading after Chief Executive Officer John Chen said he's interested in partnerships to expand in China. He spoke after meeting Xiaomi Corp.'s Chief Executive Officer Lei Jun, and Lenovo Group Ltd.'s head Yang Yuanqing, at the Asia-Pacific Economic Cooperation CEO Summit.

Groupon Inc., the online-discounts company, dropped 5% to $7.12 in early New York trading.

Abercrombie & Fitch Co. (ANF) retreated 0.7% to $29.28 in German trading after Oppenheimer & Co. downgraded the shares to market perform, or hold, from outperform, or buy.

Conversant Inc. (CNVR) may move after posting third-quarter revenue and earnings that missed analysts' estimates.

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