NEW YORK (CNN/Money) -
A slight easing of oil prices could set U.S. stocks higher at the start of trading Monday while investors weigh more quarterly results, including Dow component 3M.
Early Monday, Nasdaq and S&P futures were higher.
U.S. crude futures dipped briefly below $41 a barrel early Monday. Even after prices rebounded slightly, oil was still down 21 cents, to $41.04 a barrel, in electronic trading. Brent oil futures eased 27 cents to $37.73 a barrel in London.
Stocks finished lower last week, closing out with declines Friday. The Dow Jones industrial average fell 0.2 percent, while the Nasdaq composite index slid 1.6 percent. (See chart for details)
Asian-Pacific stocks ended mostly higher Monday; Japan's markets were closed for a holiday. European markets were little changed. (Check the latest on world markets)
Among U.S. stocks trading in Europe, Oracle (ORCL: Research, Estimates) fell more than 2 percent. The software maker says it is pondering acquisitions in the Asia-Pacific region, despite hints that a tech-sector recovery is sagging.
Treasury prices fell in early trading, sending the 10-year note yield up to 4.36 percent from 4.35 late Friday. The dollar weakened against the yen, but was up slightly versus the euro. Gold was little changed.
In corporate news, U.S. brewer Adolph Coors (RKY: Research, Estimates) is considering a merger with Canadian brewer Molson, according to a report in the Wall Street Journal. The newspaper said negotiations are at a sensitive stage and could fall apart due at least partly to a feud in the family that controls Molson.
Leading computer chipmaker Intel (INTC: Research, Estimates) will postpone the launch of a chip it has called "the linchpin" in its new line for notebook computers, according a report from Reuters, citing a source familiar with the delay. The postponement would be the second notebook chip problem this year.
In earnings news, Kraft Foods (KFT: Research, Estimates) reported lower second-quarter earnings, citing higher commodity costs. The nation's largest food company earned 46 cents a share, excluding special charges related to restructuring, down from 55 cents it earned a year earlier, but in line with forecasts.
About 84 percent of Kraft's shares are owned by tobacco company Altria (MO: Research, Estimates), a component of the Dow Jones industrial average.
Diversified manufacturer 3M (MMM: Research, Estimates) raised its full-year earnings guidance, roughly in line with the already more-optimistic forecasts of analysts, but its third-quarter earnings per share target was 1 cent less than the consensus analysts' forecast from earnings tracker First Call.
| |
|
For details of Friday's setback, click above.
|
|
The company also reported improved second-quarter earnings per share of 97 cents, up from 78 cents a year earlier and a penny better than the consensus forecast.
Shares of medical product maker Boston Scientific were hit in after-hours trading Friday after it announced it was recalling its drug coated heart stents, which are used to open arteries, after a death and serious injuries were linked to the product.
Shares of Boston Scientific (BSX: Research, Estimates) lost $1.07 to $36.33 in after-hours trading Friday, while shares of competitors such as Medtronic (MDT: Research, Estimates) and Dow component Johnson & Johnson (JNJ: Research, Estimates) edged higher in after-hours trading.
|