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Behind The Morning Bounce

This post was written by CNBC producer, Robert Hum.

Futures budged upwards after a mixed bag of economic reports at 8:30am ET.

a) Weekly jobless claimscame in essentially inline with estimates. Continuing claims continued to hit record highs.

b) April durable goods rose 1.9 percent, far exceeding economist forecasts for a 0.5 percent rise. However, dampening any enthusiasm, the March data point was revised significantly lower to down 2.1 percent from down 0.8 percent.

Putting a little pressure on futures prior to the economic data this morning was cautious guidance out of Dow component Procter & Gamble.

At its institutional investor conference, P&G cut its 2010 sales forecast to down 2 percent to up 1 percent. The consumer goods maker had previously expected sales to grow 1 percent to 3 percent. Additionally, the company provides 2010 earnings guidance of $3.65-$3.80, below expectations of $3.93.

Elsewhere:

1) Food producer Heinz reported Q4 earnings inline with estimates. Organic sales grew 5.2 percent, largely due to a 7.5 percent rise in prices. Better pricing helped offset weaker demand, as volumes fell 2.3 percent.

Full year guidance of $2.60-$2.70 falls short of the Street’s expectations of $2.74. Heinz also announced it is boosting its annual dividend by 2 cents to $1.68.

2) Shares of Time Warnerup 1 percent pre-open. The media giant officially announced its plan to completely spin off its AOL division into a separately traded company. The widely expected spin-off will likely occur near the end of 2009.

3) Footwear retailer Genesco’s Q1 results handily beat estimates, as the company saw improved margins and a 2 percent increase in same-store sales. CEO Robert Dennis is “slightly more confident” on the company’s outlook and reaffirmed full year guidance of $1.70-$1.80.

4) Auto parts makers Visteon and Metaldyne for Chapter 11 bankruptcyprotection.

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