Stock Futures Rise as Retail Sales Jump
NEW YORK ( TheStreet) -- U.S. stock futures were suggesting a higher Wall Street open on Monday following Softbank's announcement it reached a deal to buy Sprint (S) for $20.1 billion and after earnings from Citigroup (C - Get Report) topped expectations.
U.S. retail sales for September also rose more than forecast.
The Commerce Department said Monday that retail sales for September rose 1.1%; economists were expecting an increase of 0.8%, compared with a 0.9% increase in August, according to Reuters.The FTSE 100 in London was up 0.5% and the DAX in Germany gained 0.8%. Japan's Nikkei average rose 0.5% to close at 8,577.93, snapping a four-day losing streak. Hong Kong's Hang Seng rose less than 0.1%. China released data showing consumer prices for September rose 1.9% from a year earlier. Gold for October delivery was down $12.20 to $1,745.80 an ounce. November crude oil futures were down 1 cent to $91.85 a barrel. The benchmark 10-year Treasury was trading at 1.68%. The dollar was down marginally, according to the dollar index. In corporate news, Softbank reached a deal Monday to acquire a 70% stake in Sprint Nextel (S) for $20.1 billion. The deal is expected to be completed by the middle of 2013. Sprint is the No. 3 wireless provider, behind AT&T (T) and Verizon Wireless. The deal will give Sprint more capital to use to compete against its much bigger rivals. Sprint shares were trading at $5.90, up 3%, in premarket trading Monday Citigroup (C - Get Report), the third-largest U.S. bank, posted third-quarter profit of 15 cents a share. Excluding items, operating profit was $1.06 a share, beating the consensus estimate of 96 cents. Net revenue came in at $19.4 billion, excluding CVA/DVA. Citigroup was rising 2% to $35.52.
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