Reuters
Published Oct 13, 2009 08:24AM ET
* J&J sales lower than Wall Street's consensus forecast
* Weaker U.S. dollar boosts commodity prices
* Futures flat
* For up-to-the-minute market news, click [STXNEWS/US]
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By Edward Krudy
NEW YORK, Oct 13 (Reuters) - U.S. stock index futures were
flat on Tuesday as a weaker U.S. dollar helped lift commodity
prices and Johnson & Johnson's
Johnson & Johnson, the world's largest healthcare company by market value, posted a higher-than-expected profit and raised its full-year earnings outlook, but its sales came in lower than Wall Street's consensus. The shares slipped 1 percent before the bell after an initial bounce.
Crude oil and metal prices rose as the dollar slipped 0.4
percent against a basket of major currencies, helping shares in
miners and energy companies. Newmont Mining Corp
Rick Meckler, president of LibertyView Capital Management in Jersey City, said he expected more large companies to beat forecasts.
"Analysts have become fairly conservative after being burnt by the last selloff, so I'd be surprised to see most of the big companies not beat numbers," said Meckler.
Intel Corp
S&P 500 futures SPc1 fell 1 point and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures DJc1 rose 9 points, and Nasdaq futures NDc1 rose 2.25 points. (Editing by Padraic Cassidy)
Written By: Reuters
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