US Stocks Seen Opening Higher After Thursday Drop as AbbVie Clinches $54.8 Bln Deal to Buy Shire

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After a sharp drop Thursday, U.S. stocks were poised to open slightly higher Friday, although the Dow Jones Industrial Average futures were only just in the black, as General Electric ( GE ) reported as-expected Q2 results and as AbbVie managed to convince Shire ( SHPG ) to be bought for $54.8 billion.

In Europe and Asia, the major stock indexes were lower amid a sell-off in Russia after a Malaysian Airliner was shot down over Ukraine.

At 09:55 a.m. E.T., the University of Michigan preliminary consumer sentiment index for July is expected to have edged higher to 83.0 from 82.5 in June. The Rasmussen daily sentiment index has been mixed in early July, but solid jobs gains, low unemployment claims, and higher equity prices should give an upward boost to consumer sentiment this month.

At 10:00 a.m. the Conference Board's index of leading indicators is expected to have gained another 0.5% in June, after rising 0.5% in May.

On an otherwise quiet earnings day, General Electric reported Q2 earnings and sales that met the Street view. It said it is targeting the initial public offering of its North American Retail Finance business (Synchrony Financial) for the end of July. GE was higher 0.7% in pre-market trade. Advanced Micro Devices ( AMD ) meanwhile fell over 17% before the bell after reporting Q2 EPS shy of views and as FBR Capital Markets downgraded the stock to market perform from outperform.

Meanwhile, AbbVie finally won over Shire with a $54.8 billion takeover offer but both stocks fell. SHPG was lower 0.7% and ABBV was down 0.9%.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.05%

-S&P 500 futures up 0.13%

-Nasdaq 100 futures up 0.34%

-Nasdaq-100 Pre-Market Indicator up 0.58%

GLOBAL SENTIMENT

Nikkei down 1.01%

Hang Seng down 0.28%

Shanghai Composite up 0.33%

FTSE-100 down 0.32%

DAX-30 down 0.69%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+) Chip stocks: higher

(+/-) Software stocks: mixed

(+/-) Hardware stocks: mixed

(+) Internet stocks: higher

(+) Drug stocks: unchanged to higher

(+) Financial stocks: higher

(+) Retail stocks: unchanged to higher

(+) Industrial stocks: unchanged to higher

(+) Airlines: higher

(+) Autos: unchanged to higher

UPSIDE MOVERS

(+) ERIC (+7.6%) Q2 results beat expectations

(+) GOOGL (+4.0%) Q2 revenue beats views

(+) ICLD (+13.1%) Has $23 million new business backlog for 2014

(+) SWKS (+9.5%) Reports better-than-expected Q2 results

(+) IPG (+1.9%) Q2 earnings, revenue rise from last year

DOWNSIDE MOVERS

(-) NQ (-21.8%) Names new independent auditor

(-) KEG (-7.4%) Sees Q2 loss vs Street's expectation for breakeven

(-) BK (-1.8%) Misses slightly on Q2 revenue

(-) RP (-24.5%) Cuts Q2 revenue, EBITDA guidance

(-) TGP (-4.7%) Plans sale of 2.8 million shares



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: GE , SHPG , AMD

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