NEW YORK (TheStreet) -- Stock futures climbed Wednesday as crude oil rallied for its fourth straight session, its longest rally in nearly six months.
S&P 500 futures were up 0.46%, Dow Jones Industrial Average futures added 0.46%, and Nasdaq futures climbed 0.62%.
Crude oil moved closer to $50 a barrel after closing at its highest level since Aug. 31 on Tuesday. The latest increase was tied to data from the American Petroleum Institute that showed a 1.2 million barrel decrease in weekly crude stocks. West Texas Intermediate crude moved higher for the fourth day in a row, up 1.8% to $49.38 a barrel.
Yum! Brands (YUM - Get Report) plummeted 16% in premarket trading after quarterly results showed the company is still suffering from a food safety scandal in its critical Chinese market. Quarterly earnings of $1 a share missed estimates by 7 cents.
Volkswagen (VLKAY) shares were on watch after the company's new CEO Matthias Mueller said recalls for the millions of diesel vehicles with emissions-gaming software would begin in January. Mueller also said he believed only a handful of employees had knowledge of the cheat and that his predecessor Martin Winterkorn was not involved.
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Adobe (ADBE - Get Report) dropped more than 2% after the software company issued a below-consensus forecast. The company expects full-year revenue of $5.7 billion, below estimates of $5.93 billion, and earnings of $2.70 a share, well under forecasts of $3.19.
Anheuser-Busch (BUD) sweetened an offer to buy SABMiller (SBMRY) in what could be the biggest deal of the year. The company has offered $104 billion in cash, or 42.15 pounds a share ($64.35). The deal represents a 44% premium to SABMiller's trading price before talks began in September. However, SABMiller has rejected the bid, arguing it still values the company too low.
Exelon (EXC) and Pepco (POM) shares were on watch after Washington D.C. Mayor Bowser announced her support for the merger that would create the largest U.S. utility by customer count. Bowser said the deal would boost investment in the city to $78 million from $14 million. The mayor had initially opposed the deal.