This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Stock Futures Signal Higher Wall Street Open

NEW YORK ( TheStreet) -- Stock futures were rising Monday with investors encouraged by some upbeat overseas data and deals news.

Stocks also were getting a lift from Greek lawmakers managing to pass a harsh 2013 budget over the weekend by a vast majority.

Futures for the Dow Jones Industrial Average were rising 31 points, or 30.61 points above fair value, at 12,795. Futures for the S&P 500 were up by 4.30 points, or 3.90 points above fair value, at 1380. Futures for the Nasdaq were rising 13 points, or 13.21 points above fair value, at 2593.

China reported over the weekend that its export growth soared to a five-month high in October, surpassing estimates at over 11%, and calming fears that the world's second-largest economy was stalling.

Japan, meanwhile, said that its economy contracted 0.9% in the third quarter, the first contraction in in three quarters, weighed down mostly by weaker external demand.

"China's data is an interesting contrast, with exports doing better than expected (to the U.S. and Asia. Not to Europe, obviously). There is external demand for some product," commented Paul Donovan, a global economist at UBS. "Chinese imports were weaker, but we look for some pick up there in November."

Eurozone finance ministers were scheduled to meet in Brussels Monday and talk about releasing bailout funds to Greece, which is faced with a €4.1 billion ($5.2 billion) government bill redemption on Nov. 16.

"It seems unlikely that any agreement will be finalized at that time," noted Michala Marcussen, head of global economics at Societe Generale. "Indeed, German Finance Minister Schaeuble made it clear in a press interview Sunday that Greece's creditors would not be put under pressure to rush a disbursement. The hurdle lies in the fact that however we twist and turn the equations, Greece needs more money, both in terms of funding flows and debt levels."

Over the weekend, ahead of the finance ministers meeting, the Greek Parliament was able to ratify a tough 2013 budget required to help guarantee the quick payment of its next tranche of bailout money and avoid bankruptcy.

No major U.S. economic releases were expected Monday. The bond market was closed and most federal workers were off in observance of Veteran's Day.

Economic releases later this week include the consumer price report on Thursday and several manufacturing indicators, such as the Empire manufacturing, Philly Fed, and industrial production reports.

There will also be retail sales data on Wednesday, where there could be distortions due to Hurricane Sandy.

The FTSE 100 in London was up by 0.24%, while the DAX in Germany was up 0.29%. Japan's Nikkei average settled down 0.93% on Monday and Hong Kong's Hang Seng closed higher by 0.21%.

Gold for December delivery was rising $3.60 to $1,734.50 an ounce at the Comex division of the New York Mercantile Exchange, while December crude oil contracts were down 45 cents at $85.62.

The dollar was down 0.05%, according to the U.S. dollar index .

In corporate news, Leucadia National (LUK) will merge with Jefferies Group (JEF), the two companies announced on Monday.

Jefferies shares were soaring nearly 20% in premarket trading; Leucadia shares were gaining more than 4%.

Titanium Metals (TIE) shares were surging more than 43% after the titanium manufacturer entered a deal to be bought by Precision Castparts (PCP) for $16.50 a share in cash, putting the value of the company at about $2.9 billion.

Research In Motion (RIMM) shares were adding more than 4.5% as the company announced that it will hold its BlackBerry 10 launch event on Jan. 30, 2013.

Best Buy (BBY) will hire Sharon McCollam, the former Williams-Sonoma (WSM) chief financial officer, as its next finance chief.

Best Buy shares were rising more than 2%.

Apple (AAPL) and Taiwanese gadget manufacturer HTC have settled their patent dispute.

Apple shares were gaining 0.71%.

Lockheed Martin (LMT) has ousted its president and chief operating officer, Christopher Kubasik, after an investigation found he had a relationship with a subordinate.

Kubasik was scheduled to become CEO of the defense company in January.

The company named Marillyn Hewson to assume the CEO role, effective Jan. 31. Hewson, most recently executive vice president of Electronic Systems at the company, took on the president and operating chief positions immediately as well.

Shares were up incrementally.

The Securities and Exchange Commission won't charge any individuals in its planned enforcement action against JPMorgan Chase (JPM) for the allegedly fraudulent sale of mortgage bonds, the Journal reported, citing people close to the investigation.

The bank will pay a significant financial penalty under the proposed deal, people close to the probe told the newspaper.

The settlement stems from a wide-ranging SEC probe that dates back to 2010. The proposed deal wouldn't require JPMorgan to admit to wrongdoing or face any allegations against any current or former executives, the people added, the Journal reported.

JPMorgan shares were rising 0.81%.

-- Written by Andrea Tse in New York.



>To contact the writer of this article, click here: Andrea Tse.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs