U.S. Stock Futures Flat Amid Earnings, Jobs Data; Hot Stocks: (ANF, QCOM, K, EA, JDSU, GMCR)

 Feb 02, 2012 |

 

U.S. stock-index futures pointed to a flat open on the Wall Street amid mixed corporate results and upbeat jobs data. 

Mini Dow industrial average futures was unchanged at 12,653.00. The Nasdaq Futures gained 0.50 points to 2,488.00. Standard and Poor's 500 futures inched 0.10 points lower at 1,319.70.

On the economic front, the number of Americans who continued to receive jobless benefits dropped below forecast, a government data showed. Jobless claims fell 12,000 to 367,000 last week from a revised 379,000 in the previous period, while economists projected a decline to 375,000. The four-week moving average for claims - a less volatile measure than the weekly figures - declined 2,000 to 375,750 last week, a data from the Labor Department showed.

Fourth quarter non-farm business productivity rose at a slower pace of 0.7 percent, after a 1.9 percent advance in the third quarter, while unit labor costs increased 1.2 percent after a 2.1 percent drop in the previous period, a government data showed.

Federal Reserve Chairman Ben Bernanke is due to speak on "The Economic Outlook and the Federal Budget Situation" at 10 am ET.

On Wednesday, U.S. stocks rallied to end on a sharply higher note, as a flurry of domestic economic reports and upbeat manufacturing data from Europe boosted sentiment.  

Hot Stocks Of The Day: (ANF, QCOM, K, EA, JDSU, GMCR)

In corporate news, Abercrombie & Fitch Co. (NYSE:ANF) tumbled 12.9 percent to $40.79 in premarket trading after the specialty retailer guided fourth-quarter non-GAAP earnings per share of around $1.10 to $1.15, below consensus of $1.55. Net sales grew 16 percent to $1.329 billion, but below expectations of $1.38 billion. The company blamed high promotional environment and all-time high cotton costs for lower-than-expected sales.

Qualcomm Inc. (NASDAQ: QCOM) rose 4.7 percent to $62.40 in premarket after the chip maker's first quarter earnings beat expectations and the company raised its 2012 forecast. The company posted non-GAAP EPS of 97 cents, topping Wall Street projections of 90 cents. Revenue of $4.7 billion also topped consensus of $4.58 billion. It now sees 2012 non-GAAP EPS of $3.55 to $3.75 from prior view of $3.42 to $3.62. The company lifted revenue forecast to $18.7 billion - $19.7 billion from $18.0 billion - $19.0 billion. Analysts expect earnings per share of $3.59 on revenue of $18.5 billion. Qualcomm also guided second-quarter above consensus.

Kellogg Co. (NYSE:K) advanced 1.9 percent in premarket after the cereal maker posted better-than-expected earnings for the fourth quarter.


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