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Market Update : 
Stocks May Climb Ahead of GDP Report
Author: Albena Toncheva
123jump.com
Last Update: 8:24 AM ET July 29 2005


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Futures are trading higher Friday ahead of economic data, seen as the main focus of the day. Consumer sentiment, Chicago manufacturing data and the report on 2Q GDP are scheduled for release. Investors are eager to see on whether broad Thursday's gains would lead to much follow-through buying Friday with U.S. commercial petroleum inventories still above normal levels.

 
Burlington Resources, oil and gas producer, reported 2Q net income rise of $1.40 per share, up from 96 cents per share on revenue of $1.69 billion, exceeding estimates of $1.26 per share.

St. Paul Travelers, property and casualty insurer, posted 2Q profit jump of $1.52 a share compared with a net loss of 42 cents a year ago on higher investment income and good weather. The quarterly results exceeded expectations of $1.13 per share.

Metro One, provider of directory assistance and other telecom services, posted 2Q net loss of 37 cents a share vs. 22 cents in the year-ago period on lower revenue.

Citizens, provider of wireline services in rural areas and small and medium-size cities, posted 2Q net income rise of 13 cents a basic share up from 8 cents in the same period last year, beating estimates by 2 cents.

R&B, supplier of replacement parts and household hardware, posted net income decline to 25 cents a share, down from 29 cents in the year-ago period on thinner profit margins.

Lloyds, British bank, reported first-half pretax profit soared to 1.7 billion pounds, vs. 1.6 billion pounds last year the same period, maintaining the dividend at 10.7 pence and matching analyst expectations.

Printronix, enterprise printing solutions manufacturer, posted 1Q net income fall of 3 cents a share vs. 4 cents a year ago on 4.5% lower revenue.

Priority Healthcare, distributor of specialty pharmaceuticals, posted earnings of 26 cents a share, down from 28 cents a share the year-ago period, slightly missing analyst forecasts of 28 cents a share.

Anadarko, oil and gas producer, posted 2Q net income of $2.12 a share, up from $1.59 a share the year-ago period on revenue growth, in line with analyst expectations.

CORPORATE NEWS

Italian prosecutors are expected to request indictments of several global banks and securities firms, including Citigroup, UBS, Deutsche Bank and Morgan Stanley, for alleged securities-law violations in their dealings with failed Italian dairy company Parmalat.

The investment arm of Goldman Sachs and Allianz of Germany are close to an agreement to buy a 9.9% stake in Industrial & Commercial Bank of China for about $3.5 billion, higher than the $1 billion in earlier reports.
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