Stock futures were narrowly mixed on Tuesday, Nov. 7, as oil prices stabilized after a massive surge a day earlier.
Dow Jones Industrial Average futures were up 0.06%, S&P 500 futures were flat, and Nasdaq futures fell 0.03%.
Crude oil prices were close to flat on Tuesday after their best gains in nearly a year a day earlier. Prices had rallied following political upheaval in Saudi Arabia. Over the weekend, Saudi Arabia's crown prince arrested a number of his political rivals in what was justified as a crackdown on corruption. The arrests consolidated power for Crown Prince Mohammed bin Salman, a notably pro-OPEC force in Saudi politics, making it even more likely that the oil cartel's production caps will be extended, according to analysts. A deal among Organization of Petroleum Exporting Countries is set to expire in March 2018.
West Texas Intermediate crude was down 0.1% to $57.29 a barrel on Tuesday following its best daily increase since Nov. 30 a day earlier.
The rally in crude oil prices triggered gains in the energy sector on Monday, Nov. 6, and lifted broader markets to fresh records.
It's quiet on the economic calendar Tuesday with just the Job Openings and Labor Turnover Survey for September at 10 a.m. ET.
In earnings news, Toyota Motor Corp. (TM) - Get Report said Tuesday that fiscal second-quarter profit rose 16% and it raised its annual profit forecast for a second time this year on a weaker yen and a jump in sales. Japan's biggest automaker said profit for the July-September quarter was 458.2 billion yen ($4 billion), up from 393.7 billion yen a year earlier. Sales in the quarter rose 10% to 7.14 trillion yen. Toyota said its RAV4 sport-utility vehicle and Camry sedan posted strong sales in the U.S.
Toyota raised profit forecast for the year ended in March 2018 to 1.95 trillion yen from earlier projections of 1.75 trillion yen.
Priceline.com Inc. (PCLN) tumbled nearly 10% on Tuesday after disappointing fourth-quarter guidance. The travel bookings site anticipates fourth-quarter adjusted earnings of $13.40 to $14 a share, below analysts' estimates of $15.57 a share. For the third quarter, Priceline earned an adjusted $35.22 a share, above estimates of $34.26.
SeaWorld Entertainment Inc. (SEAS) - Get Report fell 3% before the bell following a disappointing quarterly performance. For the quarter, SeaWorld posted adjusted earnings of 64 cents per share on revenue of $437.7 million. Analysts expected adjusted earnings of 81 cents per share on revenue of $451.2 million.The company also reported a decline in third-quarter attendance of approximately 732,000 guests, a drop attributed to a series of hurricanes in late August and early September.
Weight Watchers International Inc. (WTW) - Get Report roared higher in premarket trading after a better-than-expected third quarter. Net income rose to 65 cents a share from 53 cents a year earlier. Analysts expected profit of 51 cents a share. Revenue of $323.7 million beat estimates of $316 million.
Etsy Inc. (ETSY) - Get Report swung to a quarterly profit in its third quarter. The online crafts company earned 21 cents a share in its recent quarter compared to a loss of 2 cents a share a year earlier. Analysts anticipated earnings of 7 cents a share. Revenue surged nearly 22% to $106.4 million, higher than an estimated $105 million.
Updated from 7:44 a.m. ET, Nov. 7.
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