Russell 2000 poised to rise
The Russell 2000 futures are higher and the index is set to open in positive territory following news of strong corporate earnings.
Nokia Corp. (NYSE: NOK), the world’s largest manufacturer of mobile phones, reported that its second-quarter profit more than doubled due to higher sales in fast-growth markets such as India and China.
Similarly, Viacom Inc. (NYSE: VIA) also beat analysts’ projections. The New York-based entertainment company’s net income fell to $434 million, or $0.63 per share, but still came in above Wall Street’s projected earnings of $0.50 per share. During the second quarter of 2006 the owner of MTV Networks and Paramount movie studios earned a profit of $437.3 million, or $0.61 per share.
Coffee chain Starbucks Corp. (NYSE: SBUX) saw its quarterly revenue rise 20% to $2.4 billion from $2 billion a year earlier.
In economic news, initial jobless claims for the week ended July 28 increased 4,000 to 307,000, according to the U.S. Labor Department.
Investors will also be paying attention to data on June factory orders, which will be released at 10 a.m. ET.
