U.S. stock futures rose Tuesday as investors try to recover some of the big losses that piled up in recent weeks following a string of disappointing economic reports.
Friday bearish employment report capped a bad week for the Greenback as it came on the heels of a rise in weekly U.S. Initial Jobless Claims on Thursday along with a fall in home sales and a weak reading of a key manufacturing index.
Bank of America Merrill Lynch today announced the appointment of an ex-UBS banker David Oman as chief risk officer for Europe, the Middle East and Africa at a time when good risk management is a top priority for financial firms. Bank of America Corp. (NYSE:BAC, $13.84, -$0.18, -1.28%) rose 1.59 percent to $14.06 on Tuesday morning pre-market trading session, while on last week of Friday, shares of Bank of America fell 1.28 percent, closed on $13.84 and BofA dropped 9.84 percent in the past one month trading.
Citigroup will exclude South Korea from a new bond index it is developing to track the effects of derivatives investing. A Citigroup committee informed the Ministry of Strategy and Finance of the decision Monday. Citigroup Inc. (NYSE:C, $3.79, +$0.01, 0.26%) jumped 1.85 percent to $3.86 on Tuesday morning pre-market trading session, even on last week of Friday, Citigroup shares were up 0.26 percent, closed on $3.79.
BP Plc denied any plans to issue new shares to cover the cost of the Gulf of Mexico oil spill. BP plc (NYSE:BP, $29.35, -$0.04, -0.14%) rose 6.30 percent to $31.20 on Tuesday morning pre-market trading session, while on last week of Friday, shares of BP fell 0.14 percent, closed on $29.35.
Goldman Sachs Group Inc. was upgraded to “overweight” from “neutral” at JPMorgan Chase & Co. In the report, JP Morgan kept its price target of $175.00 for the investment bank. Goldman Sachs Group, Inc. (NYSE:GS, $131.08, -$0.06, -0.05%) jumped 1.92 percent to $133.60 on Tuesday morning pre-market trading session, while on last week of Friday, Goldman Sachs shares dropped 0.05 percent, closed on $131.08.
Bebe Stores Inc. plans to discontinue operations of its PH8 division, less than a year after announcing the retail concept would replace its Bebe Sport stores. The company estimates the total pre-tax cost associated with closing or converting its 48 PH8 stores will be approximately $17 million. Bebe stores, inc. today announced that its Board of Directors declared a one-time cash dividend of $1.00 per share. Bebe stores, inc. (NASDAQ:BEBE, $6.33, -$0.24, -3.65%) rose 10.43 percent to $6.99 on Tuesday morning pre-market trading session, while on last week of Friday, shares of Bebe Stores fell 3.65 percent, closed on $6.33.
Fidelity National Information Services affirmed its second-quarter adjusted profit outlook on Tuesday. The company announced that it expects to report second quarter adjusted earnings per share of 45 cents to 47 cents. Fidelity National Information Services (NYSE:FIS, $26.41, -$0.12, -0.45%) jumped 4.32 percent to $27.55 on Tuesday morning pre-market trading session, while on last week of Friday, FIS shares dropped 0.45 percent, closed on $26.41.
Walgreen Co. on Tuesday reported a 2% jump in June same-store sales after two months of declines, and sales for the month increased 8.4%. Calendar year-to-date sales were $33.52 billion, an increase of 5.4 percent from $31.80 billion in 2009. Fiscal 2010 year-to-date sales for the first 10 months were $56.22 billion, up 6.4 percent from $52.86 billion. Walgreen Company (NYSE:WAG, $26.36, -$0.2, -0.75%) rose 2.28 percent to $26.96 on Tuesday morning pre-market trading session, while on last week of Friday, shares of Walgreen Co. fell 0.75 percent, closed on $26.36.