Results boost Alcoa, PepsiCo in premarket trading

NEW YORK (Reuters) - ALCOA (AA.NY)Inc and PEPSICO (PEP.NY)Inc were among Thursday's biggest premarket movers, with both rallying on strong results.

Aluminum maker Alcoa jumped 1.6 percent to $16.32, a day after its third-quarter earnings beat expectations on higher aluminum prices and lower costs.

The results contributed to a positive tone on Wall Street as Alcoa was one of the first major companies to report, and some consider it a bellwether for the broader earnings season.

Beverage giant PepsiCo rose 1.7 percent to $95.52 in premarket after raising its full-year profit forecast. However, in a factor that will be closely watched by investors throughout the season, revenue was slightly hurt by the impact of currency translations.

Also in company news, Endo International Plc said it would buy Auxilium Pharmaceuticals Inc in a deal valued at $2.6 billion, including the repayment and assumption of debt.

Shares of Endo dipped 0.3 percent to $70.80 in light premarket volume while Auxilium jumped 10.6 percent to $32.90.

Futures snapshot at 0748 EDT:

* S&P 500 e-minis were down 4.25 points, or 0.22 percent, with 282,596 contracts changing hands.

* Nasdaq 100 e-minis were down 7.5 points, or 0.19 percent, in volume of 36,865 contracts.

* Dow e-minis <1YMc1> were down 52 points, or 0.31 percent, with 39,647 contracts changing hands.

(Editing by Bernadette Baum)

WhatsAppFacebookTwitterLinkedinBeloudBluesky