Wall Street Seen Edging Up
Enviado: 18/7/2003 11:48Wall Street Seen Edging Up
Friday, July 18, 2003 5:59 a.m. ET
LONDON (Reuters) - Wall Street looked set to nose higher on Friday as investors cheered encouraging results from software giant Microsoft <MSFT.O>, although a key consumer sentiment survey before the market opens may affect the mood.
The rush of corporate earnings slows on Friday after a hectic week of mixed quarterly results from technology majors such as Intel <INTC.O>, Nokia <NOK.N> <NOK1V.HE> and International Business Machines <IBM.N>.
"With Microsoft coming in with relatively good news, this will offset the bad news we had from IBM, and the market may look to go up a little at the end of the week," said David Richards, a trader at Financial Spreads.
By 5:45 a.m. EDT, U.S. equity index futures pointed to a flat to slightly higher start to New York trading.
Microsoft shares rose 1.5 percent in pre-market trade to $27.1 on Instinet against a close of $26.69 on Thursday after it posted higher quarterly profit and revenue overnight.
The world's largest software maker also raised its revenue forecast for the fiscal year ending in June 2004 by about $1 billion, despite a cautious outlook for modest growth in personal computer sales and weak technology spending.
Better than expected results from the world's biggest producer of mobile networks Ericsson <ERICY.O> <ERICb.ST> may also help sentiment and calm fears about demand, a day after Nokia posted weak figures and a drab outlook.
Ericsson shares soared over 20 percent in Europe after the results.
The University of Michigan releases the preliminary July reading of its consumer sentiment index at 9:45 a.m. EDT, and economists polled by Reuters expect the index to read 90, little changed from a final June reading of 89.7.
"This could move the market if the figures are not in line with expectations," said Richards.
Earnings from toy maker Mattel <MAT.N> before the market opens will be an early feature followed by results from auto parts maker Visteon <VC.N> during trading.
In other corporate news, media conglomerate AOL Time Warner <AOL.N> is nearing a deal to sell its DVD- and CD-making operations to Toronto-based manufacturer Cinram International Inc. <CRW.TO> for about $1 billion, The Wall Street Journal reported on Friday.
The proposed merger between PeopleSoft <PSFT.O> and J.D. Edwards may also nab the spotlight after PeopleSoft's Chief Financial Officer Kevin Parker told analysts in a conference call that the company expected to close the transaction on Thursday night.
Copyright © 2003 Reuters Limited.
Friday, July 18, 2003 5:59 a.m. ET
LONDON (Reuters) - Wall Street looked set to nose higher on Friday as investors cheered encouraging results from software giant Microsoft <MSFT.O>, although a key consumer sentiment survey before the market opens may affect the mood.
The rush of corporate earnings slows on Friday after a hectic week of mixed quarterly results from technology majors such as Intel <INTC.O>, Nokia <NOK.N> <NOK1V.HE> and International Business Machines <IBM.N>.
"With Microsoft coming in with relatively good news, this will offset the bad news we had from IBM, and the market may look to go up a little at the end of the week," said David Richards, a trader at Financial Spreads.
By 5:45 a.m. EDT, U.S. equity index futures pointed to a flat to slightly higher start to New York trading.
Microsoft shares rose 1.5 percent in pre-market trade to $27.1 on Instinet against a close of $26.69 on Thursday after it posted higher quarterly profit and revenue overnight.
The world's largest software maker also raised its revenue forecast for the fiscal year ending in June 2004 by about $1 billion, despite a cautious outlook for modest growth in personal computer sales and weak technology spending.
Better than expected results from the world's biggest producer of mobile networks Ericsson <ERICY.O> <ERICb.ST> may also help sentiment and calm fears about demand, a day after Nokia posted weak figures and a drab outlook.
Ericsson shares soared over 20 percent in Europe after the results.
The University of Michigan releases the preliminary July reading of its consumer sentiment index at 9:45 a.m. EDT, and economists polled by Reuters expect the index to read 90, little changed from a final June reading of 89.7.
"This could move the market if the figures are not in line with expectations," said Richards.
Earnings from toy maker Mattel <MAT.N> before the market opens will be an early feature followed by results from auto parts maker Visteon <VC.N> during trading.
In other corporate news, media conglomerate AOL Time Warner <AOL.N> is nearing a deal to sell its DVD- and CD-making operations to Toronto-based manufacturer Cinram International Inc. <CRW.TO> for about $1 billion, The Wall Street Journal reported on Friday.
The proposed merger between PeopleSoft <PSFT.O> and J.D. Edwards may also nab the spotlight after PeopleSoft's Chief Financial Officer Kevin Parker told analysts in a conference call that the company expected to close the transaction on Thursday night.
Copyright © 2003 Reuters Limited.