By Carla Mozee, MarketWatch
Priceline forecast falls short
LONDON (MarketWatch) -- U.S. stock futures indicated gains for
Wall Street Monday, finding support in part from a top Federal
Reserve official's comments that suggest monetary policy may still
be needed to aid recovery in the world's largest economy.
Futures for the Dow Jones Industrial Average (DJU4) climbed 61
points, or 0.4%, to 16,542, while those for the S&P 500 index
(SPU4) rose 9 points, or 0.5%, to 1,932.50. The Nasdaq 100 index
(NDU4) moved 22 points, or 0.6%, higher to 3,895.50. See Need To
Know column: Buy the dips in this market?
In terms of quarterly results, investors are looking at figures
from online travel services provider Priceline. There is no major
economic data on deck. (Read more in Stocks to Watch
http://www.marketwatch.com/story/priceline-and-dean-foods-are-stocks-to-watch-monday-2014-08-08.).
Ahead of Wall Street's open, Federal Reserve Vice Chairman
Stanley Fischer, in prepared comments for delivery at a conference
in Stockholm, said rebounds across advanced economies have been
disappointing, leading many observers, including the Fed, to reduce
their long-term expectations for growth potential in the U.S.
It's also still not clear whether U.S. economic growth was
permanently damaged by the most recent recession, he said.
A higher start for equities would key off gains from Friday's
session during which geopolitical tensions appeared to have cooled.
The Dow Jones Industrial Average (DJI) jumped 186 points, or 1.1%,
its biggest one-day percentage gain in more than four months as
Russia ended military exercises on the Ukraine border.
Also read: Is this stock market a Super Moon illusion, or should
you buy the dips?
Stocks to watch
Priceline (PCLN) shares fell 2.7% in premarket trade after the
company forecast third-quarter adjusted earnings of $19.60 to
$21.10 a share. That's lower than the current FactSet consensus
estimate of $21.28 a share. Second-quarters results were above
expectations.
Shares of Mannkind (MNKD) surged 28% in premarket trade after
the company reached a licensing deal with Sanofi (SNY) to develop
and sell inhaled insulin drug Afreeza in the U.S.
Kinder Morgan (KMI) jumped 15% ahead of the bell following plans
to consolidate its oil-and-gas pipeline empire into a single
company in a $44 billion deal. (Read more about the day's notable
movers here:
http://www.marketwatch.com/story/priceline-and-dean-foods-are-stocks-to-watch-monday-2014-08-08.)
In other markets, oil futures (CLU4) posted minor gains, as did
gold futures (GCZ4) . European stocks rose following last week's
losses, and Asian shares advanced, with Japan's Nikkei Average up
2.4%.
More must-reads from MarketWatch:
10 stocks with the biggest cuts in earnings estimates
Can J.C. Penney stay on the comeback trail?
Why small-cap stocks will likely feel the most pain
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