Futures look beyond politics

NEW YORK (CNNMoney.com) -- Stocks look to get a lift from strong results and outlook from tech bellwether Cisco Systems, as investors look past this week's election ahead to a new batch of earnings.

Stock futures were mixed in early trading, but a comparison to fair value, which predicts the direction of stocks at the open, shows stocks poised for an early gain.

Cisco (Charts) reported another quarter of strong results after the close Wednesday and issued a bullish sales outlook for the current period. Shares of Cisco gained 6 percent in heavy early trading Thursday in Frankfurt.

U.S. stocks, which had been lower through midday trading Wednesday due to uncertainty about what the mid-term election meant for control of the Senate, rallied in the afternoon after news of the resignation of U.S. Defense Secretary Donald Rumsfeld, taking the Dow to another record high at the close.

Some of the uncertainty about the election results was removed late Wednesday as the Associated Press declared James Webb the winner of the closely contested Senate race in Virginia, a victory that would give Democrats control of the Senate. While incumbent Republican George Allen can ask for a recount in the race, a source close to Allen told CNN the senator "has no intention of dragging this out."

On the economic front, The Commerce Department said the nation's trade deficit fell to $64.3 billion in September, which was below analysts' estimates, primarily due to lower oil prices and record exports.

Intitial claims for unemployment benefits fell to 308,000 last week, also below estimates.

Media conglomerate News Corp. (Charts) also reported better than expected results after the bell Wednesday, and competitor Viacom (Charts) beat earnings forecasts in its report early Thursday, while Disney (Charts) is set to report after the close. Shares of Disney, the No. 3 performer on the Dow so far this year, hit a 5-1/2-year high in trading Wednesday.

Retailers start their earnings season Thursday with reports from JC Penney (Charts) and Urban Outfitters (Charts) ahead of the bell, and from Kohl's (Charts) after the bell. JC Penney, riding the strength of new brands and store openings, beat analyst expectations by 3 cents a share.

Texas Instruments (Charts) announced late Wednesday that it now has developed an inexpensive chip that will help make so-called smart phones much cheaper to produce.

Los Angeles billionaire philanthropist Eli Broad and investor Ron Burkle have made a bid to buy newspaper publisher and broadcaster Tribune Co. (Charts), according to published reports late Wednesday.

Diversified manufacturer 3M (Charts), a Dow component, Thursday agreed to sell its drug business to three different buyers around the globe for around $2.1 billion.

Oil prices moved back above the $60 a barrel mark in early trading Thursday, lifted by fears of further OPEC supply cuts and a decline in U.S. heating fuel supplies. U.S. crude futures contracts were up 59 cents at $60.42 a barrel, while Brent crude trading in London was 85 cents higher at $60.44.

Treasury prices were lower, lifting the yield on the 10-year note to 4.65 percent from 4.63 percent late Wednesday.

Stocks in Asia closed mixed Thursday, while stocks in Europe were also mixed in early trading. The Bank of England raised interest rates as expected Thursday.

The dollar stood lower against the euro but higher against the yen.

Just after the market open there will be a reading on consumer confidence from the University of Michigan and a government reading on wholesale inventories.

Cisco tops forecasts, shares rise on strong outlook

America Votes: CNN.com special report

Stock futures and other market news ahead of open