U.S. Futures Pare Drop as Citigroup Profit Tops Estimates; Chevron Slips U.S. stock-index futures pared declines after Citigroup Inc. reported earnings that exceeded analysts’ estimates.
Halliburton Co., the world’s second-biggest oilfield- services provider, retreated 3.6 percent in early New York trading. Citigroup climbed 2.3 percent as third-quarter profit topped predictions. AGA Medical Holdings Inc. surged after St. Jude Medical Inc. agreed to buy the company for $1.08 billion.
December contracts on the S&P 500 declined 0.2 percent to 1,172.80 at 8:33 a.m. in New York, paring a drop of as much as 0.9 percent. The gauge rallied last week after Federal Reserve Chairman Ben S. Bernanke said the economy may need further stimulus and earnings boosted investor confidence. Dow Jones Industrial Average futures dropped 0.2 percent today, while Nasdaq-100 Index futures gained 0.1 percent.
“It’s big week across the board for earnings,” said London-based John Haynes, head of research at Rensburg Sheppards Plc. “People are assuming that although companies are likely to hit estimates, there is not very much fuel for upgrades. Everyone knows that the third quarter is confession season for companies.”
Citigroup’s third-quarter profit amounted to 7 cents a share, the New York-based bank said today in a statement. Ten analysts surveyed by Bloomberg estimated per-share earnings of 5 cents a share at the bank, the third-biggest in the U.S. by assets. Bank of America Corp., Wells Fargo & Co. and Goldman Sachs Group Inc. are also scheduled to post results this week.
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