Stock futures were higher Tuesday morning, setting up equities for
further record gains, as crude oil slipped after a massive surge.
S&P 500 futures were up 0.22%, Dow Jones Industrial Average futures added 0.26%, and Nasdaq futures rose 0.4%.
Wall
Street scored a trifecta of record closes on Monday as a crude oil
rally gave stocks an across-the-board boost. The S&P 500, Dow, and
Nasdaq each scored their own record close, the first time all have done
so on the same day since mid-August. The three had previously closed at
records simultaneously back in 1999.
Crude
oil prices surged on Monday after Russian President Vladimir Putin
suggested a willingness to agree to a production freeze deal with
Organization of Petroleum Exporting Countries. OPEC officials are
currently meeting in Vienna to discuss terms of a deal. Members will
meet again in Vienna on Nov. 30 to vote on the deal. A Nigerian delegate
told The Wall Street Journal that members should be on board with the terms "by the end of the day."
Oil
prices have fluctuated on renewed hopes for an OPEC deal that would
rein in record production from the world's largest oil producers. OPEC
aims to limit production to 32.5 million to 33 million barrels a day.
The bloc reached a record 33.83 million barrels a day last month.
West Texas Intermediate crude for January was trading at $47.90 a barrel, down 0.7%.
DSW (DSW)
increased 4% after lifting its full-year outlook on the back of tighter
cost controls and improved sales. The shoe retailer anticipates
full-year adjusted profit between $1.35 and $1.45 a share, up from its
previous range of $1.32 to $1.42.
Campbell Soup (CPB)
moved higher before the bell following a better-than-expected quarter.
Net income rose to 94 cents a share from 62 cents in the year-ago
quarter. Adjusted earnings of $1 came in a dime above estimates. The
canned-goods company anticipates full-year sales flat to up 1% and for
adjusted earnings to increase by 2% to 5%.
Burlington Stores (BURL)
increased 8% after same-store sales and revenue topped analysts'
consensus estimates. The discount retailer reported a 3.7% increase in
same-store sales over its recent quarter, higher than anticipated 3.3%
growth. Sales increased 8.9% to $1.35 billion, higher than $1.32 billion
consensus.
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Barnes & Noble (BKS)
climbed 5% after narrowing its second-quarter loss and reporting
better-than-expected sales. The book retailer reported a loss of 29
cents a share, narrower than a loss of 36 cents in the year-ago quarter
and better than an estimated loss of 39 cents. Sales declined 4% to
$858.5 million, a result blamed on sluggish sales tied to the election
cycle. Analysts anticipated sales of $845 million.
Hormel Foods (HRL)
rose 3% in premarket trading after reporting a solid outlook for its
fiscal 2017. The owner of Skippy peanut butter expects full-year profit
between $1.68 and $1.74 a share, higher than consensus of $1.68. Fiscal
organic sales are expected to grow 5%, driven by growth in its grocery
products unit and its Jennie-O Turkey Store business.
Palo Alto Networks (PANW)
fell more than 10% in premarket trading after reporting a mixed first
quarter. The tech company earned 55 cents a share, 2 cents above
estimates. Sales surged 34% to $398.1 million, though fell short of
consensus by $2.1 million. The security software developer also issued
weaker-than-expected guidance, targeting current-quarter sales no higher
than $432 million. Analysts anticipated sales of $439 million.
Jack in the Box (JACK)
fell 3% despite topping quarterly earnings estimates. The fast food
chain earned $1.03 a share over its fourth quarter, 15 cents higher than
expected. Revenue climbed 12.5% to $398.42 million, in-line with
consensus.
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