Stock futures edge higher on earnings

Stock futures edge higher on earnings

	Published : Tue, 30 Jan 2007 14:10 By : Agencies Print this Story

(AFX) - U.S. stock futures edged higher on Tuesday after Procter & Gamble lifted its earnings outlook and Colgate-Palmolive topped analyst expectations, with key reports on the economy due later in the week.

S&P 500 futures rose 3.8 points at 1,430 and Nasdaq 100 futures advanced 5.25 points at 1,792. Dow industrial futures rose 35 points 12,560.

On Monday, the Dow industrials rose 3.8 points and the Nasdaq Composite advanced 5.6 points, while the S&P 500 slipped 1.6 points, as investors stayed on the sidelines before Wednesday's U.S. interest-rate decision and Friday's key nonfarm payroll report.

The Fed opens the interest-rate decision making meeting on Tuesday, though no news is expected out during this session. The Conference Board's U.S. consumer confidence survey for January also is due.

A number of top corporate heavyweights reported quarterly results. Procter & Gamble upped its annual profit outlook after reporting a 12 percent profit rise and Colgate-Palmolive reported a better-than-forecast profit increase.

3M's 58 percent profit rise, after excluding various items, matched analyst expectations, while Wyeth's earnings came up short of forecasts.

Spansion may advance after the flash memory chip maker narrowed its loss on 16 percent sales growth.

CNet Networks could see gains after the Internet media firm forecast 2007 sales to rise at a faster pace than analysts had forecast.

Starbucks rose in Frankfurt trading after the coffee retailer was upgraded to overweight by J.P. Morgan.

Crude oil futures rose 42 cents at $54.43 a barrel in electronic trading.

International stock markets saw relatively muted moves. The Nikkei 225 ended 0.1 percent higher in Tokyo, while the FTSE 100 slipped 0.1 percent in London.

After the Tokyo close, Sony lifted its outlook for profit in the year ending March 31, despite reporting a 5 percent drop in quarterly profit. Sony noted the strong performance at its handset making venture with Ericsson.