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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Stock Futures Eye 1,700 as Ford, Apple Advance

NEW YORK (TheStreet) -- Stock futures were pointing to a higher open on Wall Street Wednesday as Apple (AAPL) and other bellwether stocks climbed as earnings beat forecasts and the Eurozone economy appeared to be emerging from a recession.

Futures for the S&P 500 were adding 4.5 points, or 5.61 points above fair value, to 1,692.75, signaling a rebound after snapping a four-day winning streak the prior session.

"The earning season thus far is not disappointing while the economic news remains in natural gear; two basic ingredients which we think will keep the bull in charge," Peter Cardillo, chief market economist at Rockwell Global Capital in New York said in an emailed comment. "We see intraday corrections leading the S&P to the 1,735 level next month as the summer rally continues."

Futures for the Dow Jones Industrial Average were rising 27 points, or 35.26 points above fair value, to 15,540. Futures for the Nasdaq were gaining 28.25 points, or 29.75 points above fair value, to 3,054.25.

Apple (AAPL) shares were advancing more than 4.5% to $439 in premarket trading after the tech giant reported third-quarter earnings that beat Wall Street expectations, as the company sold 31.2 million iPhones during the period. Apple earned $7.47 a share on revenue of $35.3 billion in its fiscal third quarter. Analysts were expecting profit of $7.32 a share in sales of $35.01 billion.

Boeing (BA) was tacking on 2.22% to $110.18 after the aerospace manufacturer beat Wall Street estimates as commercial aircraft deliveries rose. Boeing increased its full-year core earnings guidance to between $6.20 and $6.40 a share and increased its revenue guidance to between $83 billion and $86 billion. Analysts had been estimating $6.51 a share and revenue of $84.1 billion.

Ford (F) was popping more than 3% to $17.48 after the automaker reported second-quarter improvements in every business unit and profits everywhere but Europe. The automaker said it earned $1.2 billion, or 30 cents a share, in line with estimates. Revenue rose 14% to $38.1 billion. Analysts surveyed by Thomson Reuters had estimated $35.2 billion.

Caterpillar (CAT) was slipping 1.06% to $84.61 after the heavy machinery maker disappointed with its full-year outlook after posting second-quarter earnings that fell far short of expectations of $1.70 a share at $1.45 a share; revenues were also a disappointment amid $1 billion of dealer machine inventory reductions.

Facebook (FB) was gaining 0.73% to $26.32. The social networking giant is expected to post after Wednesday's closing bell second-quarter earnings of 14 cents a share on revenue of $1.62 billion. Investors will be focused Wednesday on signs that Facebook can keep growing advertising revenue, especially on mobile devices.

Credit card company Visa (V) is expected by Wall Street to earn $1.79 a share in its fiscal third quarter on revenue of $2.89 billion. The company reports after the markets close. Shares were up 0.69% to $189.89.

In the Eurozone, a report provided evidence that the region is climbing on of recession. Financial information services company Markit reported Tuesday that its "flash" Eurozone Composite Purchasing Managers' Index based on a very wide survey of companies showed a surprise return to growth in the private sector. The index rose to an 18-month high of 50.4 in July from 48.7 in June. This is the index's first rise above the 50 level dividing growth and contraction since January 2012. The report also showed its preliminary data on the Eurozone Manufacturing PMI rise to a 24-month high at 50.1.

These headlines were offsetting the Markit report about a decline in Chinese manufacturing to an 11-month low in July given that a slowing Chinese economy has largely been a result of sluggish European demand.

In more heartening news, manufacturing growth picked up to four-month high in July according to the Markit Flash U.S. Manufacturing Purchasing Managers' Index released Wednesday.

At 10 a.m. EDT, the Census Bureau is forecast by economists to report that new home sales rose to a seasonally adjusted annual rate of 482,000 in June from 476,000 in May.

The FTSE 100 was gaining 0.81% and the DAX in Germany was increasing 1.07%. The Hong Kong Hang Seng closed up 0.24%. The Nikkei 225 in Japan settled down 0.32%.

The benchmark 10-year Treasury was slipping 15/32, raising the yield to 2.568%.The dollar was rising 0.16% to $82.08 according to the U.S. dollar index.

September crude oil futures were down 12 cents to $107.11 a barrel. August gold futures were rising $4.40 to $1,339.10 an ounce.

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 17,116.14 +29.51 0.17%
S&P 500 1,989.53 +2.52 0.13%
NASDAQ 4,485.46 +11.7630 0.26%

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