Stocks are set to extend Friday's all-time high as investors
look forward to corporate earnings and data on the housing market.
) said this morning that profit rose to $1.38 per share, from $1.32
per share a year earlier, as sales increased 2% to $7.08 billion.
This missed analyst expectations by two pennies. Same store sales
rose 1% as Europe and the Asia, Middle East, and Africa units
posted declines. CEO Don Thompson said that the company is likely
to "remain challenged" for the rest of 2013. Shares of McDonald's
are down 2.5% this morning.
) will report earnings after the bell today. Analysts expect
earnings to rise to $0.40 per share from $0.11 a year ago. Revenue
is likely to have risen more than 20% to $1.07 billion, driven by
robust subscriber growth.
) shares regained $0.89 of the $4.04 that they lost on Friday after
missing on earnings and writing down nearly $1 billion on its stock
of the Surface tablet. After losing over $30 billion in market
capitalization in a day, the software company faces intensified
pressure from activist shareholders. Over the weekend, it was
reported by several outlets that Microsoft is considering caving to
pressure and giving ValueAct, which has a $1.9 billion stake, a
seat on the board. ValueAct has been pushing for more focus on
enterprise and cloud services rather than consumer products such as
After reaching all-time highs again on Friday, US stocks futures
are slightly higher before the opening bell.
(INDEXDJX:.DJI) futures are up 0.16% to 15,506 while futures
contracts on the
(INDEXSP:.INX) inched up 0.53% to 1,689.50 and
(INDEXNASDAQ:.IXIC) futures fell 0.22% to 3,040.75.
On today's economic calendar is June's rate of existing home sales,
which is expected to have sped up to a seasonally adjusted
annualized rate of 5.27 million from 5.18 million in May. The
Chicago Fed's national activity index rose to 0.13 for June from
-0.29 in May. Economists expected the index to rise to 0.03.
Overseas, shares were also higher today. Japan's
(INDEXNIKKEI:.NI225) gained 0.47% after Prime Minister Shinzo Abe's
Liberal Democratic Party strengthened its majority in the weekend's
parliamentary election with 76 of the 121 contested seats. The LDP
has so far supported the radical anti-deflation and fiscal stimulus
measures, known as "Abenomics."
European stocks are ahead, but German and British benchmarks are
down slightly. Over the weekend, Portuguese President Anibal Cavaco
Silva said that he will not call for elections despite the
unpopularity of Prime Minister Pedro Passos Choelho's coalition.
Two ministers recently resigned due to disagreements over its