Wall Street futures point to higher open

Automatic Data Processing (ADP) releases at 1315 GMT (8:15 a.m. EST) its January employment report. Economists in a Reuters survey expect 30,000 were lost versus a loss of 84,000 jobs in December. The report could give some clues to the closely watched non-farm payrolls report on Friday.

Media giant Time Warner, reporting for the fourth quarter, is expected to comment on advertising sales and provide details on the state of the recovery from the lows of the fourth quarter of 2008. Analysts on average expect earnings of 52 cents per share, down from 69 cents a year earlier.

The world's biggest drugmaker Pfizer is due to announce fourth-quarter results and give a full-year 2010 profit and revenue forecast.

The Institute for Supply Management releases its January non-manufacturing index at 1500 GMT (10 a.m. EST). Economists in a Reuters survey forecast a reading of 51.0 versus 49.8 in December.

Cisco's results should confirm a recovery in network spending. Analysts see the company posting earnings of 35 cents per share, a rise of 3 cents from the same quarter a year ago.

At 1200 GMT (8:00 a.m. EST), the Mortgage Bankers Association releases Weekly Mortgage Market Index for the week ended January 29 versus the prior week. The mortgage market index read 513.0 and the refinancing index was 2,260.4 in the previous week.

Challenger, Gray & Christmas Inc. releases at 1230 GMT (8:30 a.m. EST) its report on job cuts for January. Challenger reported 45,094 layoffs in the prior month.

A major Chinese bank has raised mortgage rates in one of the first signs of how the government's lending clampdown is rippling through the economy and could tame turbo-charged growth but spook investors.

UMC's <2303.TW> third straight quarterly profit fueled optimism over chip demand for computers and high-tech gadgets, encouraging the world's No. 2 contract chip maker to more than double its capital spending this year. Better earnings prospects and UMC's plan to buy back some 300 million of its own shares helped send the company's stock up by its near-7 percent daily limit on Wednesday.

Bank of America Corp has approved more than $4 billion in 2009 pay for its investment bankers and traders, according to the Wall Street Journal.

Kraft Foods won control of Cadbury on Tuesday as holders of almost 72 percent of the British chocolatier's stock accepted the 11.7 billion pound ($18.6 billion) takeover that will create the world's biggest confectioner.

Kraft needed just 50 percent plus one share to take control of Cadbury. Chief Executive Irene Rosenfeld expects to complete the deal in the coming weeks as remaining Cadbury shareholders come forward to accept the cash and stock bid.

Shares of News Corp rose 2.9 percent after the bell on Tuesday as it reported results.

Shares of Tesoro declined 6.4 percent after the bell on Tuesday after the company reported results.

Myriad Genetics Inc shares gained 5.8 percent to $25.37 in extended trade on Tuesday after the company posted second-quarter earnings.

European shares rose in early trade, with banks and mining stocks gaining. The pan-European FTSEurofirst 300 <.FTEU3> rose 0.3 percent to 1,030.52 points.

Japan's Nikkei average <.N225> rose 0.3 percent as exporters gained on strong U.S. data, but a drop in shares of Toyota Motor Corp <7203.T> weighed after its recall woes hit its U.S. sales.

U.S. stocks rallied for a second day on Tuesday as better-than-expected earnings and encouraging data calmed investors after the market's recent sell-off.

The Dow Jones industrial average <.DJI> rose 111.32 points, or 1.09 percent, to end at 10,296.85. The Standard & Poor's 500 Index <.SPX> gained 14.13 points, or 1.30 percent, to 1,103.32. The Nasdaq Composite Index <.IXIC> advanced 18.86 points, or 0.87 percent, to 2,190.06.

(Reporting by Atul Prakash; Editing by Sharon Lindores)

WhatsAppFacebookTwitterLinkedinBeloudBluesky