U.S. futures set up for strong start
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U.S. futures set up for strong start
INDICATIONS
U.S. futures higher, oil prices down
By Emily Church, CBS.MarketWatch.com
Last Update: 6:50 AM ET Oct. 4, 2004
LONDON (CBS.MW) - U.S. stock futures were higher early Monday, indicating expectations the markets will follow through on Friday's rally in the U.S.
The Dow industrials futures were up 58 points at 10,250 ahead of 7 a.m. Eastern. The S&P and Nasdaq futures were also higher, taking confidence from the 1 percent gains on European benchmarks.
Semiconductor stocks were in the vanguard on the Continent; Germany's Infineon Technologies (IFX: news, chart, profile) was up 3.2 percent; ASML (ASML: news, chart, profile), the Dutch chip equipment maker, was up 3.5 percent. The Nikkei surged 2.7 percent in Tokyo.
Crude oil prices were on the retreat - last marked at $49.60 a barrel, down 52 cents. European Central Bank President Jean-Claude Trichet said Friday that higher oil prices were a "serious problem" that could hamper global economic growth but that overall, risks to the world economy are "well balanced".
"We have risks downward we don't neglect and chances upward which are not to be neglected," Trichet told reporters after a meeting of G7 countries.
Among the handful of U.S. stocks trading, drugmaker Merck (MRK: news, chart, profile) was bid up in London and marked at $33.80 in Frankfurt, building on its minor rebound on Friday to $33.31.
Chipmaker Intel Corp. (INTC: news, chart, profile) was bid at $20.90 on Instinet and marked at $21.05 in Frankfurt, up from its $20.85 close. Microsoft (MSFT: news, chart, profile) was marked at $28.35 in Frankfurt, up around 10 cents.
Focus stocks
Microsoft Chief Executive Steve Ballmer told the Financial Times that the company isn't interested in a 'white knight' bid for software developer PeopleSoft (PSFT: news, chart, profile). Ballmer said German software maker SAP (SAP: news, chart, profile) was not currently "on the radar screen", but "one should never say never". He noted that Microsoft had "passed on" a deal to buy SAP.
On Brussels, where the software giant is appealing an anti-trust decision, he said: "We have proved the fact that we are not religious zealots, we have an environment now where, some time over the next few months, we will get a ruling from the judge that's possibly helpful."
U.K. oil major BP (BP: news, chart, profile) said third quarter production rose 11 percent on the year-ago quarter to 3.88 million barrels of oil equivalent a day. Production was lower than the second quarter, BP said, reflecting planned maintenance in both the North Sea and Alaska, the operational impact of Hurricane Ivan in the Gulf of Mexico and the blow-out at partner operated Temsah in Egypt.
Merrill Lynch overnight raised its price target on Apple Computer (AAPL: news, chart, profile) shares to $44 from $39, citing the stock's 20 percent discount to Dell (DELL: news, chart, profile) based on an enterprise value/sales basis. "Dell's valuation may be a more relevant comparable as the two companies' growth rates and margins converge," Merrill told clients. "We are raising our September quarter estimate a penny to 19 cents on stronger iPod and iMac sales."
German chemicals group BASF (BF: news, chart, profile) said it was doubling the size of its share repurchase program for 2004 to one billion euros from 500 million euros. It has already bought back 500 million euros in shares at an average price of 42.92 euros per share.
U.K. soccer club Manchester United (UK:MNU: news, chart, profile) said it has received a preliminary approach to be bought, but said the approach contains "a number of significant conditions." Tampa Bay Buccaneers owner Malcolm Glazer is a significant shareholder and has been rumored to be the suitor, though the statement did not identify one. Shares were last up 3.8 percent at 267p per share.
Oil services group Baker Hughes (BHI: news, chart, profile) said it has hired Chat Deaton, who was the CEO of Hanover Compressor (HC: news, chart, profile), as its new CEO, effective Oct. 25. Deaton will replace Mike Wiley, who will retire on Oct. 25. Hanover said its CFO, John Jackson, will replace Deaton as CEO of the company.
Symantec Corp. (SYMC: news, chart, profile) was downgraded to "hold" from "buy" at Janney Montgomery Scott due to valuation.
U.S. futures higher, oil prices down
By Emily Church, CBS.MarketWatch.com
Last Update: 6:50 AM ET Oct. 4, 2004
LONDON (CBS.MW) - U.S. stock futures were higher early Monday, indicating expectations the markets will follow through on Friday's rally in the U.S.
The Dow industrials futures were up 58 points at 10,250 ahead of 7 a.m. Eastern. The S&P and Nasdaq futures were also higher, taking confidence from the 1 percent gains on European benchmarks.
Semiconductor stocks were in the vanguard on the Continent; Germany's Infineon Technologies (IFX: news, chart, profile) was up 3.2 percent; ASML (ASML: news, chart, profile), the Dutch chip equipment maker, was up 3.5 percent. The Nikkei surged 2.7 percent in Tokyo.
Crude oil prices were on the retreat - last marked at $49.60 a barrel, down 52 cents. European Central Bank President Jean-Claude Trichet said Friday that higher oil prices were a "serious problem" that could hamper global economic growth but that overall, risks to the world economy are "well balanced".
"We have risks downward we don't neglect and chances upward which are not to be neglected," Trichet told reporters after a meeting of G7 countries.
Among the handful of U.S. stocks trading, drugmaker Merck (MRK: news, chart, profile) was bid up in London and marked at $33.80 in Frankfurt, building on its minor rebound on Friday to $33.31.
Chipmaker Intel Corp. (INTC: news, chart, profile) was bid at $20.90 on Instinet and marked at $21.05 in Frankfurt, up from its $20.85 close. Microsoft (MSFT: news, chart, profile) was marked at $28.35 in Frankfurt, up around 10 cents.
Focus stocks
Microsoft Chief Executive Steve Ballmer told the Financial Times that the company isn't interested in a 'white knight' bid for software developer PeopleSoft (PSFT: news, chart, profile). Ballmer said German software maker SAP (SAP: news, chart, profile) was not currently "on the radar screen", but "one should never say never". He noted that Microsoft had "passed on" a deal to buy SAP.
On Brussels, where the software giant is appealing an anti-trust decision, he said: "We have proved the fact that we are not religious zealots, we have an environment now where, some time over the next few months, we will get a ruling from the judge that's possibly helpful."
U.K. oil major BP (BP: news, chart, profile) said third quarter production rose 11 percent on the year-ago quarter to 3.88 million barrels of oil equivalent a day. Production was lower than the second quarter, BP said, reflecting planned maintenance in both the North Sea and Alaska, the operational impact of Hurricane Ivan in the Gulf of Mexico and the blow-out at partner operated Temsah in Egypt.
Merrill Lynch overnight raised its price target on Apple Computer (AAPL: news, chart, profile) shares to $44 from $39, citing the stock's 20 percent discount to Dell (DELL: news, chart, profile) based on an enterprise value/sales basis. "Dell's valuation may be a more relevant comparable as the two companies' growth rates and margins converge," Merrill told clients. "We are raising our September quarter estimate a penny to 19 cents on stronger iPod and iMac sales."
German chemicals group BASF (BF: news, chart, profile) said it was doubling the size of its share repurchase program for 2004 to one billion euros from 500 million euros. It has already bought back 500 million euros in shares at an average price of 42.92 euros per share.
U.K. soccer club Manchester United (UK:MNU: news, chart, profile) said it has received a preliminary approach to be bought, but said the approach contains "a number of significant conditions." Tampa Bay Buccaneers owner Malcolm Glazer is a significant shareholder and has been rumored to be the suitor, though the statement did not identify one. Shares were last up 3.8 percent at 267p per share.
Oil services group Baker Hughes (BHI: news, chart, profile) said it has hired Chat Deaton, who was the CEO of Hanover Compressor (HC: news, chart, profile), as its new CEO, effective Oct. 25. Deaton will replace Mike Wiley, who will retire on Oct. 25. Hanover said its CFO, John Jackson, will replace Deaton as CEO of the company.
Symantec Corp. (SYMC: news, chart, profile) was downgraded to "hold" from "buy" at Janney Montgomery Scott due to valuation.
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