US STOCKS-Futures higher as earnings heat up

By Chuck Mikolajczak

NEW YORK, July 19 (BestGrowthStock) – U.S. stock index futures were
higher on Monday, indicating the S&P 500 could rebound from its
worst one-day drop since June 29 on Friday, as earnings season
kicks into high gear.

* Investors have scoured quarterly earnings for clues on
the strength of the economic recovery in light of flagging
economic data. On Friday, U.S. stocks (Read more about the stock market today. ) slid after dismal
consumer sentiment data and anemic revenues from GE (GE.N: ) and
two big banks.

* This week, 12 Dow components and 122 S&P 500 companies
are set to report quarterly results.

* “What we really have here is a market that is trying to
assess how much the economy has slowed and what that means in
terms of future earnings growth,” said Peter Cardillo, chief
market economist at Avalon Partners in New York.

* “Once the market realizes that growth is not going to
slow to the point where earnings will fall off a cliff, then
the market will respond in a better tone.”

* S&P 500 futures (SPc1: ) rose 3.6 points and were above
fair value, a formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures (DJc1: ) gained 39
points, and Nasdaq 100 futures (NDc1: ) added 8.25 points.

* Hasbro Inc (HAS.N: ) reported higher-than-expected
quarterly profit Monday morning as tight cost controls offset
tepid sales. Shares were unchanged at $39.50 in premarket
trade. For details, see [ID:nN19182347]

* BP Plc (BP.L: )(BP.N: ) has spent nearly $4 billion on
efforts to tackle its leaking oil well in the Gulf of Mexico
and aims to permanently kill the well in the first half of
August. BP shares were off 2 percent to $36.37.
[ID:nLDE66I0L9]

* Halliburton Co (HAL.N: ), the No. 2 oilfield services
company, kicked off earnings for a sector hurt by the blown-out
BP well on which it did some work. Halliburton shares gained
3.5 percent to $28.47. [ID:nASA00J3N]

* A number of computer and technology-related companies
will report after the closing bell. International Business
Machines Corp (IBM.N: ) is in danger of missing the average Wall
Street estimate for its second-quarter revenue as the weaker
euro dents sales in Europe. The continent accounts for about 30
percent of revenue. [ID:nN16117337] Texas Instruments Inc
(TXN.N: ) is also due to report.

* The NAHB Index, measuring sentiment on home building, is
set to fall to 16 for July from 17 in June, according to a
Reuters poll.

* Private equity firms TPG [TPG.UL] and Carlyle Group
[CYL.UL] won a bidding war for Australian hospital owner
Healthscope Ltd (HSP.AX: ), agreeing to pay $1.73 billion in the
country’s largest buyout deal since 2007, besting an offer from
Kohlberg Kravis Roberts & Co (KKR.N: ). [ID:nSGE66H037]

* Engineering and logistics services provider ATC
Technology Corp (ATAC.O: ) agreed to be acquired by privately
held GENCO Distribution System Inc for about $512.6 million in
cash. [ID:nSGE66I0F5]

* European shares turned positive Monday morning trade as
energy shares cut early losses and miners advanced, tracking
stronger metals prices. [ID:nLDE66I0LB]

* Asian stocks fell Monday as the drop in U.S. consumer
sentiment added to worries that its economic recovery is losing
momentum, with the cautious tone also pulling the euro from
two-month highs. [ID:nLDE66I0AE]
(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)

US STOCKS-Futures higher as earnings heat up