Stock Futures Higher Heading into Thursday's Open
Investors are reacting to a spate of earnings reports released on Thursday morning and U.S. stock futures indicate that the market will rise at the open. With a little more than an hour until the equities open, S&P 500 futures had climbed roughly 8 points, or 0.55 percent. Dow futures were up 60 points while Nasdaq futures contracts had added 17 points, or 0.64 percent.
Among the big gainers in Wednesday's pre-market trading session are Zynga (NASDAQ: ZNGA), Akamai (NASDAQ: AKAM), Symantec (NASDAQ: SYMC) and Dunkin' Brands (NASDAQ: DNKN). Stocks that are falling include Crocs (NASDAQ: CROX), F5 Networks (NASDAQ: FFIV), Logitech (NASDAQ:LOG) and Triquint Semiconductor (NASDAQ: TQNT).
Consumer goods giants Colgate-Palmolive (NYSE: CL) and Proctor & Gamble (NYSE: PG) are among the most prominent companies to release quarterly earnings results on Wednesday morning. Colgate-Palmolive reported adjusted net income for its fiscal third-quarter of $661 million or $1.38 per share, compared to $641 million or $1.31 per share, in the year ago period. This was in-line with analysts' consensus EPS estimates.
Revenues in the quarter were $4.33 billion, a slight decline versus the $4.38 billion the company reported last year. In pre-market trading, the stock was down around 0.50 percent to $106.00. Proctor & Gamble (NYSE: PG) said that its net income for its fiscal first-quarter was $2.81 billion or $0.96 per share, compared to $3.02 billion or $1.03 per share, last year.
On an adjusted basis, net earnings per share were up 5 percent to $1.06. In the year ago period, Proctor & Gamble reported adjusted EPS of $1.01. This came in ahead of Wall Street analysts' consensus EPS estimates of $0.96.
Looking ahead to its fiscal second-quarter, the company guided for adjusted EPS of $1.07 to $1.09 and a sales increase of down one percent to up one percent versus last year's corresponding quarter. Currently, analysts have consensus EPS estimates of $1.10 on revenues of $21.77 billion. In pre-market trading, PG was up around 1.60 percent to $69.15.
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