Wednesday, July 1, 2009

Stock futures point to higher start

(REUTERS, PERCENT, CENTS, ECONOMISTS, SURVEY, SALES)


Stock futures point to higher start(Reuters) - Stock futures pointed to a higher start on Wall Street on Wednesday, with futures for the S&P 500 up 0.7 percent, for Dow Jones up 0.5 percent and the Nasdaq 100 futures gaining 0.6 percent.
In Europe, stocks were higher, led by oils and banks, with the FTSEurofirst 300 index up 1.1 percent at 859.84 points at 0900 GMT.
Constellation Brands is reporting first quarter numbers, with analysts expecting the company to report earnings per share of 0.32 cents compared to 0.34 cents a year ago.
General Mills is reporting fourth quarter results with analysts expecting earnings per share of 0.80 cents compared to 0.73 cents a year ago.
Automatic Data Processing (ADP) releases its June employment report at 8:15 a.m. EDT. Economists in a Reuters survey expect 393,000 jobs were lost in June, down from a May job loss figure of 532,000.
At 10 a.m. EDT, the Institute for Supply Management releases its June manufacturing index. Economists in a Reuters survey expect a reading of 44.5 compared with 42.8 in May.
National Association of Realtors issues Pending Home Sales for May at 10 a.m. EDT. Economists in a Reuters survey expect a reading of 6.7 percent, unchanged from the prior month.
Commerce Department releases May construction spending at 10 a.m. EDT. Economists in a Reuters survey forecast a decline of 0.5 percent compared with a 0.8 percent rise the prior month.
U.S. automakers release June auto sales. Economists in a Reuters survey expect annualized sales of 3.33 million cars and 4.00 million trucks. In May, car sales stood at 3.35 million, and truck sales were 4.03 million.
Shares of Pfizer Inc (PFE.N) dropped 1.5 percent to $14.77 after the bell on Tuesday after the company said it was scrapping a late stage trial of its drug Sutent for treatment of a form of colorectal cancer.
Shares of AMAG Pharmaceuticals (AMAG.O) jumped 5 percent to $57.11 after the bell on Tuesday following news that the company`s iron deficiency drug was approved by the U.S. Food & Drug Administration.
U.S. stocks fell on Tuesday as an unexpected drop in consumer confidence cooled recent optimism about an economic recovery, but Wall Street still closed out its best quarter in a decade.
The Dow Jones industrial average .DJI slipped 0.97 percent, the Standard & Poor`s 500 Index .SPX dropped 0.85 percent and the Nasdaq Composite Index .IXIC shed 0.49 percent.
(Reporting by Joanne FrearsonEditing by Hans Peters)
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