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Stocks to Surge at Start of 2005 Trading
Monday January 3, 6:53 am ET
Stocks Are Set to Surge in Preparation for the First Day of Trading in 2005
NEW YORK (AP) -- U.S. stock futures are up strongly Monday in preparation for the first day of trading in 2005, and investors await additional data for December after receiving softer Chicago factory data last Thursday.
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Dow Jones futures were up 65 points recently, while Nasdaq futures were up 10.50 points and S&P futures were 5.90 points.
In London and Japan, stock markets are closed Monday in celebration of New Year's.
The Financial Times reported Monday that the scientist at the center of a dispute over the safety of the anti-inflammatory Vioxx, manufactured by Merck, has vowed to publish research that suggests up to 139,000 Americans have died or have been seriously injured as a result of taking the drug.
Dr. David Graham, an employee of the Food and Drug Administration, originally estimated in August that 28,000 Americans had died or suffered debilitating heart attacks as a result of taking Vioxx since it was first approved in 1999, the paper said. The revision by Graham will fuel debate over the effectiveness of the US drug regulatory system and may spur additional litigation against Merck, the paper reported.
The U.S. economy will perform well in 2005, according to a Wall Street Journal survey of economists' predictions, with modest but healthy growth, subdued inflation and only slight rises in interest rates. The consensus outlook of 56 economists was that gross domestic product will expand at a rate of about 3.6 percent in 2005. Economists put the chances of a recession at 11 percent in 2005, rising to 22 percent by the end of 2006.
The Journal also reported Monday that Viacom Inc. Co-President Tom Freston has offered Brad Grey the top job at Viacom's Paramount Pictures and that the two were in advanced negotiations over the details of a package over the weekend, people familiar with the situation say. Grey is the talent manager behind celebrities like Brad Pitt and Jennifer Aniston.
After the bell Friday, Eli Lilly & Co. disputed claims made in the British Medical Journal. The publication recently said it had documents indicating that Lilly officials were aware in the 1980s that Prozac had "troubling side effects."
Crane Co. sold the England-based business and intellectual property of Victaulic for $15.4 million.
On Monday, Walgreen Co. expects to report first quarter earnings of 29 cents a share before the bell. Sonic Corp. expects to report first quarter earnings of 25 cents a share after the bell.
The Institute for Supply Management is due to release its December manufacturing index at 10:00 a.m. EST. JP Morgan expects the overall headline report to rise 58.5 from 57.8 in November, while prices are expected at 72.2 vs 74.0. Last Thursday, the Chicago National Association of Purchasing Managers reported that its December manufacturing index softened to 61.2, from November's 65.2 and October's 68.5.
The Commerce Department is due to release its November construction spending report at 10:00 a.m. EST.
On the final trading day of the year Friday, the Dow Jones Industrial Average shed 17.29, or 0.16 percent, to 10783.01. The Dow rose 3.15 percent in 2004, after rising 25 percent in 2003. The blue-chip average gained 3.4 percent in December, and rose 7 percent in the fourth quarter. The Nasdaq Composite Index slid 2.90, or 0.13 percent, to 2175.44. The technology-heavy index rose 8.59 percent in 2004, after a 50 percent gain in 2003. The Nasdaq composite rose 3.8 percent in December, and gained 15 percent in the fourth quarter.
*****************************8another article:
Oil price fall gives lift to stock futures
Walgreen tops forecast, Wal-Mart ups Dec. sales view
By Steve Goldstein, CBS MarketWatch.com
Last Update: 9:00 AM ET Jan. 3, 2005
LONDON (CBS.MW) -- A decline in oil prices and a firmer dollar helped send U.S. stock market futures higher on the first trading session of 2005.
March-dated S&P 500 futures climbed 5 points Monday at 1,218.7 and March-dated Nasdaq 100 futures added 9.5 points at 1,638.
Milder weather in the U.S. than some anticipated put pressure on crude-oil futures, which weakened $1.34 to $42.11 per barrel.
Auto stocks were among the better performing in Frankfurt amid the oil price decline, with DaimlerChrysler (DCX: news, chart, profile) rising 1.5 percent. See European markets.
Several key international markets were still shut, notably London and Tokyo.
The dollar saw some strength ahead of a raft of data this week, that starts with the ISM manufacturing survey Monday. The dollar was at 102.59 yen, and the euro was trading hands at $1.3497.
Data on factory orders, the ISM non-manufacturing survey on Wednesday and the December jobs report also will be released this week.
One earnings release of note had Walgreen Co. (WAG: news, chart, profile) reporting fiscal first-quarter earnings of $332.7 million, or 32 cents a share, up from $254.9 million, or 25 cents a share in the same period a year ago amid strong prescription and merchandise sales and significantly higher gross profit margins. Excluding a gain from litigation settlements, earnings were 31 cents a share, exceeding the average analyst estimate compiled by Thomson First Call of 29 cents.
Wal-Mart Stores (WMT: news, chart, profile) said it expects same-store sales for the United States to rise 3 percent for December. The Bentonville, Ark.-based retailing giant said both food and general merchandise sales were above plan in the latest week and that gift card redemption was up significantly over last year's level. Wal-Mart added that sales this past weekend were also above plan. In its previous update, the retailing giant had said same-store sales were tracking in the middle of its earlier outlook that called for growth of 1 to 3 percent for the five weeks ending Dec. 31.
Brokers were active to start the new year, with several changes in ratings.
Stocks to Surge at Start of 2005 Trading
Monday January 3, 6:53 am ET
Stocks Are Set to Surge in Preparation for the First Day of Trading in 2005
NEW YORK (AP) -- U.S. stock futures are up strongly Monday in preparation for the first day of trading in 2005, and investors await additional data for December after receiving softer Chicago factory data last Thursday.
ADVERTISEMENT
Dow Jones futures were up 65 points recently, while Nasdaq futures were up 10.50 points and S&P futures were 5.90 points.
In London and Japan, stock markets are closed Monday in celebration of New Year's.
The Financial Times reported Monday that the scientist at the center of a dispute over the safety of the anti-inflammatory Vioxx, manufactured by Merck, has vowed to publish research that suggests up to 139,000 Americans have died or have been seriously injured as a result of taking the drug.
Dr. David Graham, an employee of the Food and Drug Administration, originally estimated in August that 28,000 Americans had died or suffered debilitating heart attacks as a result of taking Vioxx since it was first approved in 1999, the paper said. The revision by Graham will fuel debate over the effectiveness of the US drug regulatory system and may spur additional litigation against Merck, the paper reported.
The U.S. economy will perform well in 2005, according to a Wall Street Journal survey of economists' predictions, with modest but healthy growth, subdued inflation and only slight rises in interest rates. The consensus outlook of 56 economists was that gross domestic product will expand at a rate of about 3.6 percent in 2005. Economists put the chances of a recession at 11 percent in 2005, rising to 22 percent by the end of 2006.
The Journal also reported Monday that Viacom Inc. Co-President Tom Freston has offered Brad Grey the top job at Viacom's Paramount Pictures and that the two were in advanced negotiations over the details of a package over the weekend, people familiar with the situation say. Grey is the talent manager behind celebrities like Brad Pitt and Jennifer Aniston.
After the bell Friday, Eli Lilly & Co. disputed claims made in the British Medical Journal. The publication recently said it had documents indicating that Lilly officials were aware in the 1980s that Prozac had "troubling side effects."
Crane Co. sold the England-based business and intellectual property of Victaulic for $15.4 million.
On Monday, Walgreen Co. expects to report first quarter earnings of 29 cents a share before the bell. Sonic Corp. expects to report first quarter earnings of 25 cents a share after the bell.
The Institute for Supply Management is due to release its December manufacturing index at 10:00 a.m. EST. JP Morgan expects the overall headline report to rise 58.5 from 57.8 in November, while prices are expected at 72.2 vs 74.0. Last Thursday, the Chicago National Association of Purchasing Managers reported that its December manufacturing index softened to 61.2, from November's 65.2 and October's 68.5.
The Commerce Department is due to release its November construction spending report at 10:00 a.m. EST.
On the final trading day of the year Friday, the Dow Jones Industrial Average shed 17.29, or 0.16 percent, to 10783.01. The Dow rose 3.15 percent in 2004, after rising 25 percent in 2003. The blue-chip average gained 3.4 percent in December, and rose 7 percent in the fourth quarter. The Nasdaq Composite Index slid 2.90, or 0.13 percent, to 2175.44. The technology-heavy index rose 8.59 percent in 2004, after a 50 percent gain in 2003. The Nasdaq composite rose 3.8 percent in December, and gained 15 percent in the fourth quarter.
*****************************8another article:
Oil price fall gives lift to stock futures
Walgreen tops forecast, Wal-Mart ups Dec. sales view
By Steve Goldstein, CBS MarketWatch.com
Last Update: 9:00 AM ET Jan. 3, 2005
LONDON (CBS.MW) -- A decline in oil prices and a firmer dollar helped send U.S. stock market futures higher on the first trading session of 2005.
March-dated S&P 500 futures climbed 5 points Monday at 1,218.7 and March-dated Nasdaq 100 futures added 9.5 points at 1,638.
Milder weather in the U.S. than some anticipated put pressure on crude-oil futures, which weakened $1.34 to $42.11 per barrel.
Auto stocks were among the better performing in Frankfurt amid the oil price decline, with DaimlerChrysler (DCX: news, chart, profile) rising 1.5 percent. See European markets.
Several key international markets were still shut, notably London and Tokyo.
The dollar saw some strength ahead of a raft of data this week, that starts with the ISM manufacturing survey Monday. The dollar was at 102.59 yen, and the euro was trading hands at $1.3497.
Data on factory orders, the ISM non-manufacturing survey on Wednesday and the December jobs report also will be released this week.
One earnings release of note had Walgreen Co. (WAG: news, chart, profile) reporting fiscal first-quarter earnings of $332.7 million, or 32 cents a share, up from $254.9 million, or 25 cents a share in the same period a year ago amid strong prescription and merchandise sales and significantly higher gross profit margins. Excluding a gain from litigation settlements, earnings were 31 cents a share, exceeding the average analyst estimate compiled by Thomson First Call of 29 cents.
Wal-Mart Stores (WMT: news, chart, profile) said it expects same-store sales for the United States to rise 3 percent for December. The Bentonville, Ark.-based retailing giant said both food and general merchandise sales were above plan in the latest week and that gift card redemption was up significantly over last year's level. Wal-Mart added that sales this past weekend were also above plan. In its previous update, the retailing giant had said same-store sales were tracking in the middle of its earlier outlook that called for growth of 1 to 3 percent for the five weeks ending Dec. 31.
Brokers were active to start the new year, with several changes in ratings.
