NEW YORK (TheStreet) -- U.S. stock futures pointed to a higher open on Wall Street Friday ahead of the highly anticipated July nonfarm payrolls report from the Labor Department.
European stocks were higher after posting big declines the day before because of inaction from the European Central Bank on additional stimulus measures. Asian stocks fell. Japan's Nikkei 225 stock average finished down 1.1% at 8,555.11.
Economists predict nonfarm payrolls likely rose 100,000 in July, according to a Reuters survey, after gaining 80,000 in June.The unemployment rate is expected to have remained at 8.2% in July.
U.S. stocks on Thursday slid for a fourth straight session after European Central Bank President Mario Draghi said little about helping struggling nations a day after the Federal Reserve failed to deliver support to the U.S. economy. The Dow Jones Industrial Average dropped 92 points, or 0.7%, to close at 12,879. The S&P 500 fell 10 points, or 0.7%, to 1,365, and the Nasdaq declined 10 points, or 0.4%, to 2,910.
American International Group (AIG) reported second-quarter after-tax operating income of $1.9 billion, or $1.06 a share, topping analysts' estimates of 57 cents a share. Revenue rose 3% to $17.12 billion. AIG on Thursday said after-tax operating income for its combined insurance operations was $1.9 billion during the second quarter, increasing from $1.5 billion a year earlier. During the second quarter, the insurance giant repaid all the loans it owed to the Federal Reserve as part of bailout funding it received in 2008 and 2009.
Procter & Gamble (PG), the consumer products giant, is expected by analysts Friday to post fiscal fourth-quarter earnings of 77 cents a share on revenue of $20.26 billion.
LinkedIn (LNKD), the social networker, met Wall Street earnings expectations for its second quarter, but beat on the top line. LinkedIn reported Thursday second-quarter earnings of 16 cents a share on revenue of $228.2 million. Analysts were expecting profit of 16 cents a share on revenue of $216.28 million. LinkedIn said it expects third-quarter sales of $235 million to $240 million. Analysts expect $236.1 million.
Toyota (TM) on Friday posted profit for the April-June quarter of 290.3 billion yen ($3.7 billion), up from 1.1 billion yen a year earlier, and the automaker raised its sales target for the year. Toyota said it expects sales in 2012 of 9.76 million vehicles, up from 7.95 million vehicles sold in 2011.
SAP (SAP) agreed to pay Oracle (ORCL) $306 million in damages over copyright infringement allegations. Oracle won a trial on the same issues two years ago and was awarded $1.3 billion in damages. A judge threw out the award, but the latest agreement clears the way for Oracle to ask an appeals court to restore the $1.3 billion jury award, according to reports.
Bain Capital and Thomas H. Lee Partners are among several parties that have put in initial bids for McGraw-Hill's (MHP) education business, sources told Reuters, which could value the world's second-largest education company by sales at around $3 billion.
The U.S. Olympic team has won 37 medals since the Games began last weekend, three more than China. The U.S. and China have won 18 gold medals each.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV