AP News, February 2nd, 2007
U.S. stock futures on Friday held to a tight range before the release of nonfarm payrolls data, though Amazon.com may fall on concern about the online retailer's margins.
S&P 500 futures edged up 0.6 of a point at 1,451.40 and Nasdaq 100 futures were up 0.25 of a point at 1,803.50. Dow industrial futures managed a 5 point advance.
U.S. stocks closed higher on Thursday, sending the Dow Jones Industrial Average to a record close, as optimism about a cooler-than-expected reading on inflation, together with falling crude oil prices, offset disappointing earnings from Google Inc. and Comcast Corp. and a contraction in manufacturing sentiment.
The Labor Department at 8:30 a.m. EST is due to report January employment statistics. Economists polled by MarketWatch expect 170,000 new jobs and a 4.5 percent unemployment rate. Job growth has averaged 153,000 per month in the past year, significantly more than the 110,000 or so needed to absorb population growth.
Also, the University of Michigan's consumer confidence poll for January will be released, as will data on factory orders in December.
The U.S. dollar was largely unmoved against major rivals before the jobs data.
Crude oil futures rose 39 cents to $57.69 a barrel. Gold futures slipped $2.30 to $660.70 an ounce.
Of companies in focus, Amazon.com shares dropped 2.8 percent in Frankfurt on the margin worries, even after reporting a better profit and sales than forecast in the last quarter, and also putting out guidance for the year that exceeded analyst expectations.
Electronics Arts shares jumped 4.9 percent in Frankfurt as investors looked past a 37 percent drop in profit, as well as sales forecast that lagged Wall Street estimates. Deutsche Bank upgraded the video games maker to hold from sell, citing improved cost control and high-margin online advertising and micro-transactions.
Earnings on Friday are due from ITT, Gannett and Chevron.
Gap Inc. late Thursday named a company veteran, Marka Hansen, to run its flagship Gap brand.
Ericsson declined in Stockholm trade after lowering its outlook for industry-wide mobile phone equipment sales in 2007. The share price decline came despite a 14 percent fourth-quarter profit rise on the back of its Sony Ericsson mobile phone making joint venture.
Japan's third-largest car maker, Nissan, cut its profit outlook for the year and reported a 23 percent profit decline.
Overseas, Chinese stocks saw another day of heavy selling pressure, while the Nikkei 225 in Tokyo edged up 0.2 percent. The FTSE 100 advanced 0.6 percent in London after a team of private-equity bidders said they may bid for J Sainsbury, the supermarket operator.
