Futures on the Dow Jones Industrial Average climbed 46 points to 11886, and S&P 500 futures rose 7 points to 1289.40. Nasdaq 100 futures advanced 14.75 points to 2294.70. The blue-chip Dow industrials rose 2.7% last month, its best January performance since 1997.
"It looks as though the market is beginning to focus on the economic data and earnings," said Peter Cardillo, chief market economist at Avalon Partners. For now, market participants are putting the situation in Egypt--which has been rocked by anti-government protests for days--"on the back burner," he said.
Shares of Archer Daniels Midland Co. (ADM) rose nearly 4% in premarket trading after the agricultural commodity company reported an increase in quarterly net profit. Publishing company McGraw-Hill Cos. (MHP) said its fourth-quarter profit edged lower.
Blue-chip drug giant Pfizer Inc. (PFE) said its fourth-quarter profit rose to 36 cents a share and announced a new share-repurchase program of up to $5 billion of its common stock.
U.S. car makers, meanwhile, are due to report January sales.
At 10 a.m., EST, the Institute for Supply Management's report on manufacturing activity for January and data on construction spending for December will be released.
Cardillo expects the ISM data to show continued growth in the manufacturing sector.
"Europe is higher, the dollar is lower and that also invites some risk taking," Cardillo said.
The Stoxx Europe 600 index rose 0.9% in midday trading, buoyed by strong economic data, including a decline in the number of unemployed in Germany.
The dollar index, which tracks the performance of the greenback against a basket of other major currencies, dropped 0.5% to 77.355.
The dollar slipped 0.6% against the Japanese currency to 81.55 yen.
Shares of BP PLC (BP, BP.LN) declined 1% in premarket trading after the oil giant's fourth-quarter adjusted profit came in short of market expectations. BP's net profit rose 30% and the firm said it would resume dividend payments.
Shares of Baidu Inc. (BIDU, K3SD.SG) rallied 9% in premarket trade. Late Monday, the Chinese Internet-search firm reported fourth-quarter results that beat expectations.
Asian stocks finished mostly higher overnight, with China's Shanghai Composite index gaining 0.3%. Traders digested two separate Chinese PMI surveys, which painted a mixed picture of the nation's manufacturing sector.
In the commodity markets, crude-oil futures fell 62 cents to $91.57 a barrel in electronic trading on Globex.
-By Polya Lesova; 49 69 29725517; AskNewswires@dowjones.com
Among the companies whose shares are expected to actively trade in Tuesday's session are BP PLC (BP), Baidu Inc. (BIDU) and Archer Daniels Midland Co. (ADM).
BP Tuesday resumed its corporate dividend and deepened strategic changes. But the company's earnings came in below expectations, as BP signalled that short-term oil and gas volumes would continue to drop. BP's American depositary shares fell 1.9% to $46.59 in pre-market trading.
Baidu's fourth-quarter earnings more than doubled--and its revenue nearly did--as China's top Internet search engine posted results above expectations. The company's American depositary shares were up 9% at $118.45 premarket.
Archer Daniels Midland's fiscal second-quarter earnings rose 29% as the grain-processing giant saw improved demand and pricing for agricultural commodities. The results beat analysts' expectations, sending shares up 6.4% to $34.75 in pre-market trading.
Pfizer Inc.'s (PFE) fourth-quarter profit more than tripled as revenue rose and tax impacts boosted the bottom line. Pfizer also said its board authorized the repurchase of $5 billion in shares, adding to the $4 billion remaining under its existing buyback program. The company expects to buy back about $5 billion in stock this year. Shares dipped 0.3% to $18.16 in recent premarket trading as the company gave a disappointing earnings forecast for the new year.
United Parcel Services Inc.'s (UPS) fourth-quarter profit jumped 48% as revenue and margins surged and asset sale-related impacts boosted the bottom line. Shares were up 2.6% in recent premarket trading as the results topped expectations.
Orexigen Therapeutics Inc. (OREX) and Takeda Pharmaceutical Co. (TKPYY, 4502.TO) said Tuesday the U.S. Food and Drug Administration has rejected their weight-loss drug Contrave with a request for another clinical trial. Shares of Orexigen, initially halted early Tuesday, recently traded down 74% to $2.36 premarket.
Novellus Systems Inc.'s (NVLS) fourth-quarter profit more than doubled as demand for semiconductors continues to remain robust due to strong personal-computer and laptop-computer demand as the adoption of Microsoft Corp's (MSFT) Windows 7 software continues. Shares rose 4.7% to $37.75 in light pre-market trading, as the company's bottom line exceeded its December projection.
Lexmark International Inc.'s (LXK) fourth-quarter earnings rose a better-than-expected 46% helped by fewer charges and improved revenue. Shares were up 6.2% to $37 in premarket trading.
Qiagen NV's (QGEN, QIA.XE) fourth-quarter earnings fell 18%, though adjusted profit rose to beat the company's estimates, as it booked higher charges than a year earlier and revenue fell. The company also said it expects results "to be soft" in the first quarter but to move toward "substantially higher growth rates later in the year." Shares gained 2.9% to $18.99 in pre-market trading.
Covidien PLC (COV), which makes operating-room gear, generic drugs and other items, said its fiscal first-quarter profit rose 3.6% amid double-digit sales gains at its devices business and wider margins. The results beat expectations. Shares rose 3.2% to $49 premarket.
Energizer Holdings Inc.'s (ENR) fiscal first-quarter profit fell 12% as sales continued to decline at its biggest household-product segment. Looking ahead, company projected an adjusted full-year profit well short of the Street forecast. Shares were off 6.3% to $68.14 premarket.
Manitowoc Co.'s (MTW) fourth-quarter loss widened as charges for discontinued operations and debt extinguishment masked improving results at the company's crane and food-service segments. Shares climbed 9.1% to $14.65 in pre-market trading as adjusted earnings topped Wall Street estimates.
Biogen Idec Inc.'s (BIIB) fourth-quarter earnings fell 21% on restructuring charges as the biotechnology company benefited from stronger revenue and prior cost cutting. The results beat analysts' expectations. Shares rose 3.1% to $67.50 in pre-market trading.
TravelCenters Of America LLC (TA) said it has modified the terms of its two leases with Hospitality Properties Trust (HPT), its principal landlord, reducing its annual rent by more than $40 million at a combined 185 of its locations. TravelCenters' shares surged 64% to $6.99 in pre-market trading.
ICU Medical Inc.'s (ICUI) fourth-quarter earnings rose 34%, beating analysts' estimates, as the company's sales improved and margins surged. Shares jumped 15% to $44.99 in light pre-market trading.
Watch List:
Anadarko Petroleum Corp.'s (APC) fourth-quarter profit fell 52% as the oil-and-gas producer reported higher derivative gains a year ago, while total production and revenue grew in the latest period. The company's bottom line, excluding items, easily topped Wall Street's expectations, although top-line growth fell short of expectations.BioScrip Inc. (BIOS) said it has identified ways to cut $15 million in costs a year as part of a two-phase project to streamline operations and focus on high-margin businesses, in the midst of struggles with takeover costs.
Medical-products maker C. R. Bard Inc.'s (BCR) fourth-quarter earnings climbed 29%, topping the company's own estimates, as sales and margins improved.
Cummins Inc.'s (CMI) fourth-quarter profit climbed a better-than-expected 34% as strong sales in China, India and Brazil offset weak demand in the engine-maker's North American market.
Hologic Inc.'s (HOLX) fiscal first-quarter earnings fell 58%, but core profit at the maker of medical diagnostic and monitoring gear rose to beat the company's target on better-than-seen revenue. But the company's forecasts included a downbeat view for earnings this quarter.
Eastman Chemical Co. (EMN) swung to a fourth-quarter profit as higher sales volume and improved pricing helped revenue jump, while the year-earlier results were stung by write-down and restructuring charges.
Hovnanian Enterprises Inc. (HOV) detailed plans to offer $50 million of the home builder's Class A shares, 3 million tangible equity units and senior unsecured notes, with plans to use the proceeds to purchase earlier notes.
McKesson Corp. (MCK) said its fiscal third-quarter earnings fell 52% on a litigation charge but, excluding the charge, beat the Wall Street estimate by 1 cent a share, as the drug wholesaler and health-services company raised its outlook for earnings this year.
Onyx Pharmaceuticals Inc. (ONXX) said the U.S. Food and Drug Administration has given its potential blood-cancer treatment carfilzomib fast-track designation.
Parexel International Corp.'s (PRXL) fiscal second-quarter profit jumped sharply as revenue and operating margins climbed, while the year-earlier period included a restructuring charge. But the provider of clinical research and development services trimmed its fiscal-year targets and issued a weak fiscal third-quarter outlook.
Plum Creek Timber Co.'s (PCL) fourth-quarter profit more than doubled and its real estate revenue surged, even as a charge from retiring debt hurt the bottom line.
Quest Diagnostics Inc. (DGX) said it was buying back GlaxoSmithKline PLC's (GSK, GSK.LN) approximately 9% stake in the diagnostic-testing company and raised its earnings outlook for the year because of the resulting decline in shares outstanding.
Reinsurance Group of America Inc.'s (RGA) fourth-quarter earnings jumped 75% in results that bested analysts' expectations, as the life reinsurer's premium growth outpaced claims.
Rent-A-Center Inc.'s (RCII) fourth-quarter profit declined 27% on $22 million in charges, mostly due to a write-down related to the discontinuation of the financial services business, although revenue increased slightly. For the current quarter, the company predicted results above analysts' expectations. For the latest updates PRESS CTR + D or visit Stock Market news Today
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