Stock Futures Rise on Solid Earnings
NEW YORK (TheStreet) -- Stock futures were pointing to a rebound on Wall Street Friday on a spate of satisfactory earnings results.
Market participants remain attentive to any new developments out of Washington, where financial officials from the International Monetary Fund, World Bank and G20 are meeting.
Futures for the Dow Jones Industrial Average were climbing 80 points, or 75.9 points above fair value, at 12,982.
In the prior session, stocks slumped with shaky data on employment, manufacturing and housing raising fresh questions about the health of the U.S. economy.
General Electric (GE) reported first-quarter operating earnings of $3.6 billion, or 34 cents a share, compared to $4.2 billion, or 39 cents a share, during the fourth quarter, and $2.3 billion, or 21 cents a share, during the first quarter of 2011. The first-quarter earnings came in ahead of the 33-cent estimate among analysts polled by Thomson Reuters.
Shares were up 0.8% at $19.29 in premarket trading Friday.
Hamburger giant McDonald's(MCD) posted in-line, adjusted first-quarter earnings of $1.23 a share, up from $1.15 a share the same time last year, and revenue of $6.55 billion, up from $6.11 billion the prior year. The company was expected by analysts to post earnings of $1.23 a share in the March-ended quarter on revenue of $6.54 billion.
The stock was rising 1.7% at $96.91.
Microsoft(MSFT) , the Redmond, Wash.-based software giant, reported third-quarter earnings of 60 cents a share on $17.41 billion in revenue. Analysts polled by Thomson Reuters had expected earnings of 57 cents a share on $17.16 billion in revenue.
Shares were popping 3.6% at $32.13.