Stock Futures Rise Ahead of Jackson Hole; Apple Pops
Futures for the Dow Jones Industrial Average were rising 19 points, or 35.03 points above fair value, to 13,175.
Futures for the S&P 500 were up 4.9 points, or 5.62 points above fair value, at 1415.
Futures for the Nasdaq 100 were ahead by 19.25 points, or 17.75 points above fair value, at 2794.Apple plans to unveil its so-called "iPad mini" and its next iPhone at two separate events in the next two months, according to a report. Apple plans to debut its next generation iPhone at an event on Sept. 12, according to a report by All Things D, which cited anonymous sources. There also has been speculation that Apple would show off a smaller version of its popular iPad at the same time. On Friday, a U.S. jury ordered Samsung to pay Apple $1.05 billion in damages for violating a number of the iPhone and iPad maker's patents, while dismissing Samsung's claims against Apple. Apple shares were rising more than 2.5% in premarket trading. Federal Reserve Chairman Ben Bernanke will speak this Friday at the annual Jackson Hole, Wyo., retreat where he has in the past laid the foundation for policy actions. Deutsche Bank economists think that Bernanke will not be committing to any particular policy option next week but will emphasize that the Fed's rate-policy committee maintains an easing bias -- which they think could for now come in the form of a guidance extension. European Central Bank President Mario Draghi is also scheduled to speak at Jackson Hole next week as the markets get hit by data that's expected to show more signs that the eurozone is likely in the midst of a double-dip recession. The major U.S. equity averages rose Friday on news of comments from Bernanke showing his support for additional stimulus for the economy. The U.S. economic calendar is thin on economic releases Monday. The DAX in Germany was up 0.86% and the FTSE in London was closed for a holiday. The Hong Kong Hang Seng index finished down 0.41% and the Nikkei in Japan closed up 0.16%. October crude oil futures were rising $1.05 at $97.20 a barrel and December gold futures were up 10 cents at $1,673 an ounce. The benchmark 10-year Treasury was up 6/32, diluting the yield to 1.672%. The greenback was down 0.05%, according to the dollar index. In corporate news, Tiffany (TIF), the upscale jewelry retailer, reported second-quarter earnings of 72 cents a share on sales of $887 million, up from earnings of 69 cents a share on revenue of $873 million a year ago. Analysts expected the company to post earnings of 73 cents a share on revenue of $890.85 million. Revenue at stores open at least a year fell 1%. Tiffany slashed its full-year outlook for the second quarter in a row amid difficult global economic and market conditions. Shares were gaining more than 4.5% in premarket trading. Car rental giant Hertz Global (HTZ) reached a deal to smaller rival Dollar Thrifty (DTG) for about $2.3 billion. Hertz will buy Dollar Thrifty for $87.50 a share in cash, a premium of 8% over Dollar Thrifty's closing price of $81 on Friday. Hertz shares were surging more than 14% while shares of Dollar Thrifty were gaining more than 7%. New York Times (NYT) sold Web site About.com to IAC (IACI) for $300 million.
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