Ahead of the opening bell, Standard and Poor’s 500 futures were trading high by 7.34 points or 0.56 percent at 1,327.22. NASDAQ 100 futures stood at 2,782.27, gaining 1.22 points, or 0.04 percent. Dow Industrial Average futures were up 95.89 points or 0.79 percent to 12,226.34. The market is expected to open higher on Tuesday following pre-market rise in the US stock futures indices.
Stocks to watch: JPM, CNP, YRCW, AZO, INTC, BMO
JPMorgan Chase (NYSE: JPM) stated in a regulatory filing that it may face up to an additional $4.5 billion in legal costs stemming from investigations into its mortgage-servicing procedures. JPM is trading 0.04 percent up at $46.71.
CenterPoint Energy, Inc. (NYSE: CNP) reported net income of $124 million, or $0.29 per diluted share, for the fourth quarter of 2010 compared to $105 million, or $0.27 per diluted share, for the same period of 2009. The stock's pre-market value was $16, up 0.88 percent.
YRC Worldwide, Inc. (NasdaqGS: YRCW) had reached an agreement in principle with lenders and other stakeholders to restructure the company. YRC said the move may dilute the existing equity as some of its debt will be converted into equity. The stock is trading at $2.45, down 8.58 percent in the pre-market.
AutoZone Inc. (NYSE: AZO) reported an increase of 20 percent in its second quarter net income to $148.1 million, while diluted earnings increased 35.8 percent to $3.34 per share from $2.46 per share in the year-ago quarter. AZO is trading at $266 gaining 3.12 percent in the pre-market.
Intel Corporation (NASDAQ: INTC) completed the acquisition of internet security and computer anti-virus provider McAfee Inc. (NYSE: MFE) for $7.68 billion, late Monday. INTC is trading 0.37 percent high at $21.55 in the pre-market session.
Bank of Montreal (NYSE: BMO) reported a record net income of $776 million or $1.30 per share, up $119 million or 18 percent from a year ago, for the first quarter ended January 31, 2011. The company declared a quarterly dividend of $0.70 per share on paid-up common shares of Bank of Montreal. BMO is trading at $63.80, down 0.04 percent.
Global Markets: FTSE, CAC40, DAX, Nikkei 225, Straits Times, Hang Seng, Shanghai Composite Index
Most of the European indexes are trading green during mid-day, with Britain’s FTSE 100 up 0.21 percent to 6,006.65, while France’s CAC 40 gained 11.72 points or 0.29 percent to 4,122.07. Germany’s DAX was trading at $7,318.84, up 46.52 points or 0.64 percent.
Most of the Asian markets followed the same note on Tuesday. Japan’s Nikkei 225 gained 129.94 points or 1.22 percent to settle at 10,754.03, while Singapore’s Straits Times closed at $3,067.60, up 57.09 points or 1.90 percent. Hong Kong’s Hang Seng stood at 23,396.42, gaining 58.40 points or 0.25 percent and Shanghai Composite Index in green by 14.80 points or 0.51 percent to 2,919.85.
Crude Oil Stabilizes
Crude oil was trading higher at $96.98 per barrel by 0.01 percent or 0.01 points, after $112 a barrel on Tuesday due to concerns over unrest in the Middle East. Natural gas was down 0.47 percent at $4.02 per MMBtu. Gold stood at $1,409.30 per ounce while silver was trading high at $34.28 per ounce by 1.41 percent.
In the currency market, Euro gained strength against US$, trading high by 0.0018 or 0.1340 percent at 1.3828. GBP gained 0.0123 percent against US$, at $1.6268 while US$ was up by 0.4036 percent against Japanese Yen at 82.0950. US$ fell against CAD by 0.1081 percent, at 0.9705.
Stocks rose Monday, elevated by stronger-than-expected growth in personal income and easing concerns on rising oil prices. The Dow Jones Industrial Average ended up by 92.71 points or 0.76 percent at 12,223.16. The Standard & Poor’s 500 Index climbed 6.39 points or 0.48 percent to 1,326.27 while, Nasdaq Composite Index slipped to 2,778.28, losing 0.10 percent.
