Posted on 10/18/2006 6:42:30 AM PDT by BenLurkin
NEW YORK, Oct 18 (Reuters) - U.S. stock futures rose on Wednesday, lifted by a string of positive earnings reports by tech companies and after an unexpected rise in housing starts, coupled with benign inflation data.
Shares in companies including Intel Corp. (INTC.O: Quote, Profile, Research), Yahoo Inc. (YHOO.O: Quote, Profile, Research) and IBM Corp. (IBM.N: Quote, Profile, Research) rose before the bell in composite trading and in Europe after they reported solid financial results or outlooks.
JPMorgan Chase & Co. (JPM.N: Quote, Profile, Research), the third largest U.S. bank, said its third-quarter net income rose sharply on record investment banking fees. [ID:nWEN7190] Still, shares in the company were little changed in composite trading after gaining more than 2 percent immediately after the earnings report.
More earnings are on tap on Wednesday, with Boston Scientific (BSX.N: Quote, Profile, Research) and Apple Computer Inc. (AAPL.O: Quote, Profile, Research) scheduled to post figures after the close.
A tame reading on inflation may also help stocks on Wednesday, analysts said.
"The stock market has momentum in it right now," said Robert Lutts, chief investment officer at Cabot Money Management, in Salem, Massachusetts. "Inflation trends are looking moderate rather than ticking up."
S&P 500 futures were up 2.90 points, above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
Dow Jones industrial average futures were up 31 points, and Nasdaq 100 futures were up 5.25 points. Continued...
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