U.S. stock futures were much higher this morning, indicating markets could open with strong gains a day after the Federal Reserve cut rates by half a point to 1% and indicated further measures will be taken as necessary. While Wall Street ended mixed, global markets took this, as well as other measures central banks around the world have been taking, as a good sign and stocks in Asia and Europe rallied. However, at 8:30 a.m. this morning, advanced GDP for the third quarter will be released, and will likely show the economy has contracted for the first time. Economists expect GDP fell 0.5-0.6% in the quarter. Weekly jobless claims is also due at the same time.Exxon Mobil Corp. (NYSE: XOM) - sometime before the opening bell, Exxon is scheduled to report third-quarter earnings. Much like other oil producers that have already reported, posting huge profits for the quarter due to record high oil prices, so is Exxon expected to report sharply higher profit.
Delta Air Lines (NYSE: DAL) - after the merger was approved Wednesday, Delta completed its $2.8 billion acquisition of Northwest Airlines (NYSE: NWA) on Wednesday to become the world's biggest carrier. Shares of both carriers surged 6% in after-hours.
General Motors Corp. (NYSE: GM) seems to have cleared the biggest hurdle stopping it from merging with Chrysler -- financing. According to reports, Wagoner will stay at the head of the combined company -- but estimates say some 25,000 workers won't.
Alcatel Lucent (NYSE: ALU) shares are soaring 15.5% in pre-market after reporting a narrower third-quarter loss, affirming its outlook for the year and reassuring investors its cash position is solid.
Motorola (NYSE: MOT) has swung to a third-quarter net loss of 18 cents a share, from a profit of 3 cents a share, a year earlier, but the loss included 23 cents-a-share of different items. Analysts had been expecting earnings of a penny to two pennies a share according to different sources. Sales for the quarter fell 15% to $7.48 billion. Motorola gave a bleak outlook, expecting to fall short of previous estimates. The company also announced it will delay its planned breakup.
In brief:
- Eastman Kodak (NYSE: EK) said third-quarter net income tripled, boosted by accounting methods. Revenue fell 5%. In all, results matched expectations.
- Colgate Palmolive (NYSE: CL) profit topped view by a penny.
- Royal Dutch Shell (NYSE: RDS.A) reported a 22% profit rise for the third quarter
- Unilever (NYSE: UL) reported its profit surged 60%. Shares are up over 6% in pre-market.
- Sun Microsystems (NASDAQ: JAVA) is forecast to report a loss of 8 cents a share in the first quarter.
- CBS Corp. (NYSE: CBS) swung to $12.5 million loss, but beat estimates.Electronic Art (NASDAQ: ERTS) is forecast to report a loss of 7 cents a share in the second quarter.
- Apple (NASDAQ: AAPL) shares continue their climb this morning, up 3.3% in premarket. FORTUNE Wednesday had an article on a possible share buyback at Apple. This morning,
Ray of light: U.S. temp worker hiring increased by 34k in October
Closing Bell: Bulls gutting bears (ATVI, EWBC, GE, JASO, ENZN, MCD)
Goldman Sachs CEO Lloyd Blankfein pulls a Jeff Skilling in an interview
