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Wall St. Seen Up on Intel; Lucent Sinks

Reuters
Wall St. Seen Up on Intel; Lucent Sinks
Wednesday July 16, 6:05 am ET


LONDON (Reuters) - Wall Street was poised to open higher on Wednesday driven by chip-related stocks after solid earnings from Intel (NasdaqNMINTCNews), but shares in Lucent (NYSELUNews) fell in pre-market trade after it said it will miss profit targets.
By 5:40 a.m. EDT, Nasdaq 100 futures contracts were 0.8 percent higher at 1,308 points while S&P 500 futures pointed to 0.2 percent rise at the open.

"Traders are focusing on the good news and Intel is the big one today, pushing the Nasdaq futures up almost 0.8 percent," said Jim Morrison, a senior trader at Financial Spreads.

"The market is shrugging off any news that is slightly disappointing and the attention will remain on earnings today. As long as there are no major negative surprises, equities will continue to rally," he said.

Intel shares jumped 5.6 percent to $25.45 via Instinet in pre-market trade from a close of $24.10. The stock advanced to $25.20 in extended trading after it posted second-quarter earnings which more than doubled from a year earlier on stronger sales.

The world's biggest semiconductor maker also forecast better profit margins for the third quarter and the rest of the year on higher sales and lower production costs, although it warned it was still too early to call a recovery in the PC market.

Shares in Lucent Technologies fell 7.3 percent to $1.78 via Instinet against a close of $1.92 in pre-market trade after it said it would not meet its targets for profitability in the current fiscal year due to a weak wireless market.

The telecommunications equipment maker also said it expects wider third quarter losses than foreseen by Wall Street. Its shares fell as much as 10 percent in after hours trading to $1.72.

Quarterly earnings continue to pour in on Wednesday as well as key economic reports which include consumer prices for June.

Corporates releasing their scorecards on Wednesday include autos giant Ford Motor (NYSEFNews), defense contractor General Dynamics (NYSEGDNews) and investment bank JP Morgan (NYSEJPMNews).

International Business Machines (NYSEIBMNews), Apple Computers (NasdaqNMAAPLNews) and Advanced Micro Devices (NYSEAMDNews) report quarterly results after the close of trade.

Other likely movers include mobile phone maker Motorola (NYSEMOTNews) which posted a less rosy picture overnight.

The world's second-largest wireless telephone maker reported weaker-than-expected quarterly revenue and said tough conditions in Asia had compounded already slowing demand for mobile phones.

Shares in Sears, Roebuck and Co (NYSESNews) may rise after Citigroup Inc. said it agreed to buy the credit card portfolio of the retailer for $6 billion in cash.

In after hours trading, shares in Sears leapt to $41 on Instinet from a close of $34.98 while Citigroup stock slipped to $46.25 from the NYSE close of $46.83.

U.S. consumer prices for June are due at 8:30 a.m. EDT, along with U.S. business inventories for May. Consumer prices are forecast by economists to have risen 0.2 percent last month.

June U.S. industrial capacity utilization and production numbers are due at 9:15 a.m. EDT.

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Reuters
Wall Street Seen Up on Intel Results
Wednesday July 16, 5:16 am ET


LONDON (Reuters) - Wall Street was poised to open higher on Wednesday driven by chip-related stocks after solid earnings from Intel (NasdaqNMINTCNews), but shares in Lucent (NYSELUNews) fell in pre-market trade after it said it will miss profit targets.
By 5 a.m. EDT, shares in Lucent Technologies fell 7.3 percent to $1.78 via Instinet against a close of $1.92 after it said it would not meet its targets for profitability in the current fiscal year due to a weak wireless market.

The telecommunications equipment maker also said it expects wider third-quarter losses than foreseen by Wall Street. Its shares fell as much as 10 percent in after hours trading to $1.72. Intel shares are expected to rise after it posted second-quarter earnings that more than doubled from a year earlier on stronger sales. Its shares advanced to $25.20 in extended trading from a Nasdaq close of $24.10.

The world's biggest semiconductor maker also forecast better profit margins for the third quarter and the rest of the year on higher sales and lower production costs, although it warned it was still too early to call a recovery in the PC market.

Other likely movers include mobile phone maker Motorola (NYSEMOTNews), which posted a less rosy picture overnight.

The world's second-largest wireless telephone maker, reported weaker-than-expected quarterly revenue and said tough conditions in Asia had compounded already slowing demand for mobile phones.

Companies releasing their scorecards on Wednesday include autos giant Ford Motor (NYSEFNews), General Dynamics (NYSEGDNews), International Business Machines (NYSEIBMNews) and JP Morgan (NYSEJPMNews).