Dow seen opening higher ahead of jobless data, Facebook, Hewlett-Packard in focusReported by Proactive Investors on Thursday, 24 May 2012 (on May 24, 2012)
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U.S. equity markets looked set to point to open higher Thursday after strong earnings from Hewlett-Packard (NYSE:HPQ ), and as talks progress on Greece's debt crisis.
In pre-market trading, the Dow Jones Industrial Average rose 35 points to 12,501.22, the S&P 500 was up 4.6 points to 1,320.30 and the NASDAQ was 8.5 points higher at 2,549.11.
Wednesday US markets ended mixed with the Dow down 0.05% while the S&P 500 was 0.17% higher and the NASDAQ ended up 0.39%.
Earlier Thursday, the HSBC flash PMI for China’s manufacturing sector dropped to 48.7 in May from 49.3 in April.
Private-sector output across the eurozone contracted in May at its sharpest pace since mid-2009, according to a purchasing managers' index produced by Markit. The composite PMI reading fell to a 35-month low of 45.9 from 46.7 in April. A reading of less than 50 indicates a contraction in activity.
A summit meeting of European Union leaders Wednesday night produced no fresh agreement on how to tackle the euro-zone debt crisis. German Chancellor Angela Merkel and leaders of other AAA-rated countries continue to resist calls to issue joint euro bonds in an effort to bring down borrowing costs for the region’s most debt-strapped countries.
In corporate news, two Congressional panels are investigating the Facebook (NASDAQ:FB) IPO and various sources say Facebook is listening to proposals from the New York Stock Exchange (NYSE:NYX) about switching its listing from the NASDAQ (NASDAQ:NDAQ).
Computer and printer maker Hewlett-Packard reported fiscal second quarter profit of $0.98 per share, seven cents above estimates.
It issued a third quarter outlook below forecasts, but its full year outlook is above analyst estimates. As widely expected, HP detailed its restructuring plans, saying 27,000 employees will be laid off.
Jeweller Tiffany & Co. (NYSE:TIF) Thursday reported net income of $81.5 million, or 64 cents per share, for the first quarter, up slightly from $81.1 million, or 63 cents per share, a year earlier.
Tiffany lowered its fiscal-year sales and profit forecasts, citing slowing economic growth in many countries and weakness in the jeweler's home market.
Pandora (NYSE:P) reported a first quarter loss of $0.09 per share, smaller than the $0.18 that analysts had been forecasting.
The online music streaming service's revenues exceeded estimates, and Pandora also raised its full year guidance as it attracts more customers.
Research In Motion (NASDAQ:RIMM)(TSE:RIM) executive Patrick Spence has left the BlackBerry maker, the latest executive to depart. Spence was the London-based head of global sales.
Costco (NASDAQ:COST) reported fiscal third quarter profit of $0.88 per share, one cent above estimates, with same-store sales rising 5% compared to a year earlier.
On the economic front, data on weekly jobless claims and April durable-goods figures are scheduled for 8.30am EDT.
Initial claims are seen coming in unchanged at 370,000 for the week ending May 19, while durable goods orders are expected to edge higher by 0.3% after March’s 4.0% rise.
Commodities
On the NYMEX, crude futures for July delivery rose 53 cents to $90.43 a barrel, moving back above the benchmark after falling below $90 for the first time since November 2012 during trading Wednesday.
Gold futures for June delivery rose $10.60 to $1,558.60 an ounce.
Europe
European stocks were higher in early trading with the FTSE 100 gaining nearly 1.0%, the DAX adding 0.4% and the CAC 40 up 0.5%.
Links:  Full news story
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