Futures Remain Higher After Earnings
Stock index futures pointed to a higher open Friday after a handful of companies reported better-than-expected earnings, although Bank of America's results disappointed.
The brighter tone comes a day after the market turned in alackluster performance.
Bank of America shares slipped in pre-market trading after the financial giant said it was hit by writedowns on home loans, while trading revenue was also lower than expected.
But regional banks SunTrust and BB&Tboth beat expectations, although their shares were unchanged in the pre-market.
GE shares jumped, however, after the diversified manufacturer reported a profit of 36 cents a share on revenue of $41.1 billion, both topping analysts' consensus forecasts. CNBC is part of NBC Universal, which is being sold to Comcast.
General Electric CEO Jeff Immelt will be in the spotlight separately on Friday when President Obama names him as head of new advisory panel charged with promoting economic growth by investments in business on Friday.
Schlumberger shares rose after the world's largest oilfield services company posted a higher-than-expected quarterly profit, boosted by strong demand in North America and the acquisition of a smaller rival.
Google rose in pre-market trading after reporting profit that easily beat Wall Street expectations after the market closed Thursday. The search engine giant also stunned investors by announcing that Eric Schmidt will resign as CEO and that co-founder Larry Page, 37, will step into the position starting April 4.
Hewlett-Packard was also up in pre-market trading after news four board members were leaving and would be replaced by five new members, including former eBay CEO Meg Whitman.
With no macroeconomic data scheduled for Friday, investors could look to European indicators for direction.
Germany’s IFO business sentiment indicator could lift sentiment after the index rose to its strongest level in twenty years in January, boosted by a manufacturing sector that has now fully recovered from the 2008 financial crisis.
European shares rose in early trading on Friday as miners got support from key metals prices, which bounced back after steep losses in the previous session on concerns about further monetary tightening in China.
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