News Column

Stocks Set Extend Big Gains From Previous Session -- US Commentary

August 11, 2014



WASHINGTON (Alliance News) - Early signs are positive Monday morning in New York as US stocks look to add to modest gains from the previous week.

With Russia suggesting that it might be completing its exercises along the Ukrainian border and relative calm in Iraq and Israel, geopolitical tensions may be temporarily put on the backburner.

Stocks may also get a slight boost from dovish remarks by a top Federal Reserve official.

US Federal Reserve Vice Chair Stanley Fischer said that US and global recoveries have been "disappointing" so far and the latest recession may have permanently hampered economic potential.

Markets were volatile last week, but in the absence of first-tier economic data, the major averages may move in a tighter range today.

A half hour before the opening bell, the Dow futures are adding 60 points, the S&P 500 futures are rising 9.5 points and the Nasdaq 100 futures are moving up 22 points.

In corporate news, Priceline reported quarterly profit of USD12.51 per share, excluding certain items, compared to estimates of USD12.04. Priceline said the summer travel season has been strong, but the company lowered its quarterly forecast.

Dean Foods shares are set to open sharply lower after the food company reported a wider-than-expected loss and withdrew its full-year outlook.

Pepsico stock was upgraded to "buy" from "neutral" at UBS.

Food services provider Aramark beat estimates by six cents with fiscal third quarter profit of 26 cents per share.

ConAgra Foods said longtime Chief Executive Gary Rodkin, 62, plans to retire in May 2015

GlaxoSmithKline will soon start a clinical trial for an experimental Ebola vaccine.

Sanofi and MannKind Corp. announced a worldwide licensing agreement for development and commercialization of Afrezza (insulin human) Inhalation Powder. MannKind shares were set to skyrocket 23% higher.

In other markets, The Euro Stoxx 50 index of eurozone bluechip stocks is adding 1.05%. Asian stocks were also higher.

Crude oil futures for September are up USD0.18 or 0.19% at USD97.84 a barrel.

Gold prices are down slightly Monday morning, with the recovery in global equity markets prompting investors to seek riskier assets.

Gold futures for December are down USD0.80 or 0.06% at USD1,310.20 an ounce.



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Source: Alliance News


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