Before the bell: Futures higher with Lehman, AIG in focus
Posted by: admin in Real Estate and HousingFiled under: Before the bell, Earnings reports, Deals, XM Satellite Radio (XMSR), Sirius Satellite Radio (SIRI), Market matters, Amer Intl Group (AIG), Economic data, Barclays plc ADS (BCS), Oil, Lehman Br Holdings (LEH), Housing, Federal Reserve
U.S. stock futures were a tiny higher early Monday, reacting mostly to news in the financials again with Lehman Brothers set to report big quarterly loss, AIG ousting its CEO and Barclays surging in London.
On Friday, U.S. stocks climbed after May CPI report showed core inflation was inline with expectations. The Dow industrials added 165 points, or 1.37%, the S&P 500 rose 20 points, or 1.50%, and the Nasdaq Composite jumped 50 points, or 2.09%.
Not many economic indicator are due for release today:
At 8:30 a.m. EDT, June NY Empire State Index, a regional manufacturing reading will be reported.
At 9:00 a.m., April net foreign security buys figures are due out.
Apart from official readings, the National Association of Home Builders will release the latest housing market index in the afternoon. Lately some figures have been showing a possible bottoming and it would be interesting to see what the index brings about.
Meanwhile, oil prices were steady around $135.60 a barrel after Saudi Arabia told U.N. chief Ban Ki-moon over the weekend that it would boost output, and ahead of Saudi meeting of oil producing and consuming nations in Jeddah in more than a month.
Lehman Brothers (NYSE: LEH) is due to release its second-quarter earnings results. The bank has already estimated last week it would lose some $2.8 billion due to large writedowns.
American International Group Inc. (NYSE: AIG) ousted its chief executive over the weekend and on Sunday named former Citigroup Inc. (NYSE: C) executive Robert Willumstad to the top post.
According to Bloomberg: “Barclays Plc (NYSE: BCS) rose the most in 16 years in London trading after the bank eased concerns that a stock sale will injured current shareholders and reported earnings last month were better than a year ago.”
And good news for some shareholders, and maybe consumers too. According to the Associated Press, the chairman of the Federal Communications Commission finally gave its recommendation to approve the $5 billion merger between the Sirius Satellite Radio Inc. (NASDAQ: SIRI) and XM Satellite Radio Holdings Inc. (NASDAQ: XMSR) in exchange for concessions that include turning over 24 channels to noncommercial and minority programming.
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