Stocks to Open Higher on Growth Outlook
Posted on: Monday, 4 October 2004, 06:00 CDT
NEW YORK - U.S. stocks are seen sharply higher at the open Monday as investors remain upbeat about the outlook for economic and corporate profit growth.
Dow Jones futures climbed 58 points recently, while Nasdaq futures were up 12.50 points and S&P futures climbed 5.80 points.
In London, the FTSE increased 27.20 points to 4602.30 recently after Wall Street's sharp rise Friday.
In Japan, the benchmark Nikkei 225 Stock index jumped 294.46, or 2.7 percent, to 11279.63, its strongest finish in three weeks, on continued optimism about the general economy, buoyed by strong gains in U.S. tech stocks Friday.
In corporate news, SunGard Data Systems Inc. is cutting itself in two and spinning off its disaster-recovery technology business to shareholders in a bid to simplify its disparate operations. The SunGard Availability Services unit, which in 2003 had revenue of $1.2 billion, will be spun off tax-free to shareholders by the end of the first quarter of 2005.
Johnson & Johnson received a subpoena from federal investigators seeking information about the marketing of Procrit, an anemia fighter that is one of the company's best-selling products.
XM Satellite Radio Holdings Inc. added 415,000 subscribers in the third quarter although its shares tumbled in post-market activity. The company said it exceeded 2.5 million total subscribers in the third quarter and is on pace to exceed 3.1 million subscribers by year's end.
For Monday, Ruby Tuesday Inc. is expected to report after the bell Monday. Analysts expect the company to earn 44 cents a share in its first quarter.
The Commerce Department is due to report on factory orders in August at 10 a.m. EDT Monday. Economists look for a modest 0.3 percent increase.
Major stock-market indexes advanced Friday, with the Dow Jones Industrial Average posting a 1.1 percent gain.
The Dow industrials ended at 10,192.65, rising 112.38. The Nasdaq Composite Index gained 45.36, or 2.4 percent, to 1942.20. The Standard & Poor's 500-stock index gained 16.92, or 1.5 percent, to 1131.50
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