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Stock futures edge higher

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Stock futures are edging higher this morning after overnight shipper Federal Express (NYSE:FDX) $56.02 reported earnings that beat estimates, but then gave forward earnings guidance that was below analysts consensus.

Dow and S&P 500 futures edged up after quarterly earnings guidance from Du Pont (NYSE:DD) $43.11 give a boost to investors psyche.

Federal Express (FDX) said earnings for the fiscal fourth quarter ended May 31 were $236 million, or $0.78 a share, which was up from $113 million, or $0.38 a share (included charges), in the year ago period. Analysts had forecasted that the world's number 1 overnight delivery group would earn $0.77 a share. FedEx said revenues rose 6% to $5.42 billion in the quarter from a year earlier. Looking ahead, the company said it expects to earn between $0.40 and $0.50 per share in its first quarter, which was below consensus of First Call estimates of $0.57 a share. Shares of Federal Express (FDX) were indicating to open lower at $52 per share.

Giving a boost to Dow futures was shares of component DuPont (NYSE:DD) $43.11 upping its second-quarter earnings estimates to between $0.64 and $0.67 a share versus previous guidance of $0.55 a share. The company said the improved outlook reflects higher sales across most of its business segments. The chemical giant also said it expects to complete its evaluation of goodwill and to announce a non-cash impairment charge with its second quarter earnings report. DuPont (DD) is scheduled to release earnings on July 24.

S&P futures (sp02u) are higher by 3.40 at 1,000.50. NASDAQ futures (nd02u) are building gains, trading up 10.50 points at 1,074, while Dow futures (dj02u) trade up 25 points at 9,335.

Fair value for the S&P 500 today is $1.68. That price will not change during the session. HL Camp & Company has their computers set for program buying at $3.22 and set for selling at $-0.62. Fair value for the NASDAQ-100 today is $5.93.

Jeff Bailey
Senior Market Technician
Option Investor

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