Stock Futures Jump on Solid Earnings, Spanish Bond Auctions
NEW YORK (TheStreet) -- Stock futures were pointing to a higher open early Tuesday after a round of solid earnings reports and successful Spanish bond auctions.
Futures for the Dow Jones Industrial Average were gaining 80 points, or 69.6 points above fair value, at 12,930. Futures for the S&P 500 were up 9.9 points, or 8.5 points above fair value, at 1374. Futures for the Nasdaq were rising 14 points, or 11.8 points above fair value, at 2678.
Monday's action was mixed as robust retail sales data drove a rebound in the Dow, but the S&P 500 barely budged and heavy selling in the tech sector, most notably AppleTICKER TYPE="EQUITY" SYMBOL="AAPL"/>, clipped the Nasdaq.
Consumer goods and drug giant Johnson & Johnson (JNJ) topped Wall Street's view, posting first-quarter adjusted earnings of $3.8 billion, or $1.37 a share. The performance topped year-earlier earnings of $3.7 billion, or $1.36 a share. Analysts, on average, were calling for earnings of $1.35 a share.
Global consumer sales at J&J totaled $3.6 billion, down 2.4% from last year. U.S. sales fell 2.2% and international sales declined 2.5%. Shares of J&J were up 0.5% at $64.30 in premarket trading.
Coca-Cola (KO) , the beverage giant, reported first-quarter net income of $2.05 billion, or 89 cents a share, up from year-earlier earnings of $1.9 billion, or 82 cents. The company's first-quarter net operating revenue was $11.1 billion.
Coca-Cola's volume increased 5% in the first quarter with 20% volume growth in India and 9% growth in China. Coca-Cola was expected by analysts Tuesday to post first-quarter profit of 88 cents a share on revenue of $10.82 billion. Shares of Coca-Cola were rising 1.1% at $73.23.