NEW YORK ( TheStreet) -- Stock futures pointed to a higher open ahead of a busy earnings session that includes results from Target (TGT - Get Report) and Abercrombie & Fitch (ANF - Get Report), while markets anticipated a slight fall in new home sales.
- Futures for the S&P 500 were rising 7.78 above fair value to 1,850.5 while Dow Jones Industrial Average futures were 64.34 above fair value at 16,220. Futures for the Nasdaq were rising 18.21 to 3,696.3.
- The economics calendar is light Wednesday with new home sales due at 10 a.m. EST. Expectations are for a drop to 400,000 new home sales in January from 414,000 in December. Bad weather, rising home prices and higher mortgage rates are expected to have affected numbers.jos
- Stocks expected to see price action include J.C. Penney (JCP - Get Report), Target and Abercrombie & Fitch . Abercrombie & Fitch shares were jumping 7% in premarket trading after it reported fourth-quarter earnings of $66.1 million, or 85 cents a share. Target shares were rising 2% in premarket trader after it posted fourth-quarter earnings of 81 cents a share against estimates of 79 cents. The company fell prey to a cyber hack late last year that compromised data for at least 70 million clients. J.C. Penney is slated to report a quarterly loss of 81 cents a share. The retailer has said same-store sales rose 2% in the period for the first time since 2011 and its shares were rising 2% in premarket trading on Wednesday.
- Other stock movers may include First Solar (FSLR), which was falling 14% in premarket trading after disappointing on revenue and earnings per share late Tuesday. DreamWorks Animation (DWA) shares also dropped after its fourth-quarter results fell short of Wall Street estimates. Anika Therapeutics (ANIK) was gaining 39% in premarket trade after the Food and Drug Administration approved its injection project to for osteoarthritis of the knee. General Motors (GM) was slightly higher in premarket trade. The automaker said Tuesday that it would recall 1.36 million vehicles for potential ignition switch problems.
- European markets were mostly lower amid tepid earnings reports. Germany's DAX was off 019% while the FTSE was down 0.23% after data showed U.K. GDP rose 0.7% in the fourth quarter, in line with expectations. The economy expanded by 1.8% over the year down from a previously estimated 1.9%. In Asia, the Nikkei closed 0.54% lower while the Hang Seng was 0.54% higher.
- Markets closed lower Tuesday on tepid consumer confidence data and slowing home price growth despite higher earnings from companies such as Macy's and Home Depot.
-- Written by Jane Searle in New York