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Shayne Heffernan is an Economist, Trader, Fund Manager and Venture Capitalist based in Asia. He also serves as Editor and contributor at www.livetradingnews.com, Founder of The Heffernan Group and currently building the company's financial services business in China. Major shareholder and CEO... More
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  • Pre-market Points to Rally 0 comments
    Jul 30, 2009 7:51 AM | about stocks: TRV, DOW, XOM
    U.S. Futures are trading higher this Thursday, Wall Street looks set to recover from the yesterday'sdecline amid a flood of major corporate earnings data.

    S&P 500 futures rose 7.6 points to 982.50 and Nasdaq 100 futures gained 9.25 points to 1,610. Futures on the Dow Jones Industrial Average rose 66 points to 9,113.

    The global equity rally appears to be back in full swing today after positive data helped Europe and Asia to gains.

    Before the bell, insurance co Travelers Companies Inc. (NYSE:TRV) reported a 21% drop in second-quarter net income, but still beat expectations. The company posted net earnings of $1.27 a share, compared to a consensus forecast of $1.25, according to a survey of analysts.

    The company lifted full-year 2009 profit forecast to $4.80 to $5.05 a share, up from a previous estimate of $4.55 to $4.95.

    Dow Chemical (NYSE:DOW), meanwhile, slipped to a second-quarter loss of $435 million, or 47 cents a share, compared to a profit of $776 million, or 81 cents a share, a year earlier. Excluding one-time items, the company said it made a profit of 5 cents a share. Analysts were expecting a loss of 6 cents.

    Among the heavy stream of companies set to report quarterly results Thursday, ExxonMobil Corp. (NYSE:XOM) is expected to post second-quarter earnings of $1.02 a share.

    Walt Disney Co. (NYSE:DIS) is expected to post fiscal third-quarter earnings of 51 cents a share.

    The U.S. Labor Department's release of initial weekly jobless claims at 8:30 a.m. will also be closely watched and may set the mood for the day.

    Claims are expected to rise 34,000 from last week's total of 554,000, anything less and expect a serious rally.

    S&P 500 is expected to test the 1000 level while the Dow will be looking to consolidate over 9000

    Everything is set for a major break forward providing the numbers support the direction.


    Disclosure: Long DOW XOM

    Themes: market news, futures Stocks: TRV, DOW, XOM
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