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Reuters
Wall Street Seen Up as Earnings Loom
Monday July 14, 5:38 am ET


LONDON (Reuters) - Shares on Wall Street look set to climb on Monday as the second quarter earnings season gets underway, with shares in chipmaker Intel (NasdaqNMINTCNews) rising in pre-market trade after a bullish broker note from Merrill Lynch.
By 0920 GMT, shares in Intel were trading 2.1 percent higher at $23.82 against Friday's close of $23.33.

Merrill Lynch analyst Joseph Osha upgraded Intel, the worlds's biggest chipmaker, to "buy" from "neutral," setting a new price target of $29.

Intel reports its second-quarter results on Tuesday.

"We believe that the street has underestimated the improvement in gross margin that Intel should realize over the coming six to eight quarters. Better than average selling prices should continue to flow from the shift toward mobile machines, where Intel sees better pricing," Merrill said in a note to clients.

Bank of America (NYSEBACNews), Citigroup (NYSECNews) and BB&T Corp. (NYSEBBTNews) are all due to release their scorecards on Monday.

Early indications were that New York trading would start higher. By 0920 GMT, S&P 500 futures pointed to a 0.4 percent gain to 1,001 points while Nasdaq 100 futures were 0.6 percent higher at 1,288.5 points.