Here are 10 things you should know for Thursday, July 24:
1. -- U.S. stock futures were rising on Thursday ahead of home sales data and following sharply higher earnings from Facebook (FB).
European stocks reversed early losses to move higher after positive manufacturing data pointed to a eurozone recovery. Asian shares ended the session mixed.
2. -- The economic calendar in the U.S. on Thursday includes weekly initial jobless claims at 8:30 a.m. EDT, and new home sales for June at 10 a.m.
3. -- U.S. stocks on Wednesday closed mixed Wednesday as investors digested earnings from some of the biggest market players including Apple (AAPL), PepsiCo (PEP) and Microsoft (MSFT).
The S&P 500 climbed by 0.18% to close at 1,987.01, skimming record highs set earlier in the day. The Nasdaq gained 0.4% to 4,473.70. The Dow Jones Industrial Average ticked 0.16% lower to finish at 17,086.63.
4. -- Online social network Facebook (FB) reported sharply higher second-quarter earnings on increasing revenue from mobile advertising.
Facebook earned $788 million, or 30 cents a share, in the quarter, up from $331 million, or 13 cents a share, a year earlier.
Adjusted earnings were 42 cents share; Wall Street was looking for 33 cents.
Revenue rose 61% to $2.91 billion, ahead of forecasts of $2.8 billion.
Advertising revenue jumped 67% to $2.68 billion. Mobile ad revenue was $1.66 billion, or 62% of Facebook's total advertising revenue for the quarter. Mobile ads accounted for 59% of the company's total ad revenue in the period.
5. -- Amazon.com (AMZN), the online retailing giant, is expected by analysts on Thursday to report a second-quarter loss of 15 cents a share on revenue of $19.34 billion.
Amazon posted a year-earlier loss of 2 cents a share on sales of $15.7 billion.
Earlier this week, Amazon released the Fire, the first smartphone designed by the comapny.
6. --Ford (F) reported second-quarter earnings on Thursday of 32 cents share, up from 30 cents a year earlier.
Adjusted earnings were 40 cents a share, topping Wall Street forecasts of 36 cents.
Ford said it saw record profit in North America and made money in Europe for the first time in three years.
General Motors (GM) also is scheduled to report earnings before Thursday's opening bell. Analysts expect GM to report profit of 59 cents a share on revenue of $40.59 billion.
7. -- AT&T (T) said second-quarter earnings fell as customers moved to cheaper cellphone plans.
AT&T said half of its wireless subscribers already have moved to "Mobile Share Value" plans, which were introduced in February.
The telco giant said it earned $3.55 billion, or 68 cents a share, in the second quarter, down from year-earlier profit of $3.82 billion, or 71 cents a share.
Adjusted earnings in the quarter were 62 cents a share; a penny below forecasts.
8. -- Construction and mining equipment maker Caterpillar (CAT) is forecast to post second-quarter earnings of $1.52 a share on revenue of $14.46 billion.
9. -- Finland's Nokia (NOK), the telecommunications and wireless equipment maker, reported higher profit and issued an improved earnings outlook in the wake of the sale of its troubled handset division to Microsoft (MSFT).
Second-quarter profit rose 20% to 213 million euros ($285 million) on the back of improved profitability of its key networks unit. Net sales fell to 2.9 billion euros from 3.2 billion euros a year earlier, mainly due to divestments and currency fluctuations at the networks gear unit.
CEO Rajeev Suri gave an upbeat outlook for the core networks unit,which now accounts for about 90% ercent of Nokia's revenue. He said the unit's full-year 2014 operating margin was expected to be "at or slightly above" the long-term target of 5% to 10%, an update to the previous forecast.
10. -- Chipmaker Qualcomm (QCOM) said fiscal third-quarter net income rose 42%, topping expectations, but guidance for the fourth quarter came in below forecasts.
The company said it's struggling to collect royalties from handset makers in China.
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-- Written by Joseph Woelfel
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