Futures are pointing towards a strong open this morning as the bulls are looking to keep the current rally going for a fourth straight week. The early strength can be attributed to the the euro which spiked this morning after concerns about the health of sovereign debt were put on the backburner.
There are no major economic announcements scheduled for today as things get rolling ahead of the FOMC’s latest monetary policy statement on Tuesday.
In earnings news, Lennar (LEN, $13.99, down $0.10) returned to profitability after announcing it earned $30 million, or $0.16 a share, versus a loss of $172 million, or $0.97 a share, in the year-ago period. Revenue was up nearly 15% to $825 million versus $721 million in last year’s quarter.
Wall Street was pleased with the results as they were expecting a profit of $0.05 share on revenue of $760 million. Shares are at $14.81 in pre-market action.
Elsewhere, Verizon Communications (VZ, $31.68, up $0.26) plans to name Lowell McAdam president and chief operating officer (COO), placing him as heir apparent to current CEO, Ivan Seidenberg. McAdam will lead the Verizon Wireless segment of the business.
As we head to press, Dow futures are up by 24 points to 10,562 while the S&P 500 futures are higher by 3 points to 1,122. The Nasdaq 100 futures are showing a 7 point pop and are at 1,960.]]>