February 23rd - Stocks futures were pointing slightly higher, after a weak session sent the Dow Jones Industrial Average to its worst 2-day drop in 6-months, as crude oil surging to $100 per barrel rattled the equity markets on increased concern that the fragile economic recovery could be challenged by higher fuel prices.
Crude oil was trading above $99 per barrel, as violence and chaos in Libya continued as long-time dictator Muammar Gaddafi unleashed a violent crack down on protesters in an effort to cling to power. Reports that 25 to 50% of oil production from Libya has been impacted by the violence, coupled with increased speculation of potential unrest in other oil producing countries in the Middle East kept providing support to oil prices.
Chevron (NYSE:CVX) climbed 0.52% to $102.80, trading very close to its 52-week high of $103.94, which was posted earlier today when oil cross the $100 mark.
Priceline.com (NASDAQ:PCLN), the name your price travel website, was one of the biggest movers in after hours action. Priceline jumped 4.67% to $445.90, breaking above both its 50day moving average at $428.16 and its 20day moving average at $441.81 following reporting an upside earnings surprise. Priceline posted earnings of $3.26 per share, $0.17 better than consensus, on revenues that jumped 35.1% to $731 million. The company guided for the current quarter earnings per share in-line with consensus and revenues above estimates.
Other big mover in after hours was Magna (NYSE:MGA), as shares fell 6.2% to $52.25, trading below calculated support at $55.75 on negative reaction to its quarterly results.
And American International Group (NYSE:AIG), the insurance company, gained 0.40% to $40.16, ahead of its quarterly results. On average analysts expect a loss of $16.98 per share on revenue of $13.99 billion.