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Stock Futures Point Higher as Senators Try to Soothe Markets

Tickers in this article: AAPL EBAY YHOO ^DJI ^GSPC ^IXIC

NEW YORK ( TheStreet) -- Stock futures were drifting higher Wednesday as Senate Majority Leader Harry Reid tried to assure the markets that he and Senate Minority Leader Mitch McConnell were moving toward a deal to end the partial government shutdown that has now entered its 16th day and prevent a U.S. debt default ahead of a Thursday deadline. 

Futures for the  S&P 500  were rising 7.25 points, or 7.09 points above fair value, to 1,699.25.

Futures for the  Dow Jones Industrial Average were gaining 62 points, or 61.99 points above fair value, to 15,157. Futures for the  Nasdaq were adding on 3.5 points, or 7.49 points above fair value, to 3,244.25.

Yahoo!  shares were rising 1.14% to $33.76 after the Internet company reported third-quarter earnings of 34 cents a share on revenue of $1.08 billion, as search revenue excluding traffic acquisition costs (TAC) rose 3% from last year to $426 million. Analysts were looking for the Internet company to earn 33 cents a share on revenue of $1.08 billion.

On a net basis, Yahoo! earned $297 million, or 28 cents a share, in the third quarter, a 91% drop from nearly $3.2 billion, or $2.64 a share, a year earlier, a period which included a $2.8 billion windfall from Yahoo!'s sale of nearly half its Alibaba stake.

Apple  has notified its two assemblers for the cheaper iPhone 5c that it is reducing orders of the smartphone for the fourth quarter, people familiar with the situation told The Wall Street Journal . The move by the tech giant raises concerns about weaker-than-expected demand and its pricing strategy for the device, which was launched in September along with the high-end iPhone 5s.

Apple told its Taiwanese assemblers Pegatron and Hon Hai Precision Industry  that shipments of the iPhone 5c in the fourth quarter would be cut, the people told the Journal.

Bank of America   is expected by analysts to post third-quarter earnings of $2.13 billion, or 18 cents a share, compared to profit of 32 cents a share during the second quarter and a break-even third quarter of 2012, when debit valuation adjustments and several one-time items wiped out earnings. The consensus third-quarter revenue estimate is $22.03 billion, compared to $22.73 billion the previous quarter and $20.43 billion a year earlier.

IBM  is expected by Wall Street to report third-quarter earnings of $3.96 a share on revenue of $24.75 billion.

 

Twitter said in a filing Tuesday that it will list its shares on the New York Stock Exchange , as the micro-blogging site moves toward an initial public offering of its shares. The move means NYSE will win the most highly anticipated technology sector IPO since  Facebook's FB May 2012 listing on the Nasdaq. TheStreet first reported Twitter's plans to list with the NYSE in late September.