Monday, 23 December 2013

US STOCKS-Futures rise, Apple deal boosts Nasdaq - Reuters

Mon Dec 23, 2013 7:38am EST

* Indexes at all-time highs, last week was best in months

* Apple up in premarket after iPhone deal with China Mobile

* Tiffany & Co cuts outlook following Dutch court ruling

* Futures up: Dow 44 pts, S&P 6.6 pts, Nasdaq 20.75 pts

By Ryan Vlastelica

NEW YORK, Dec 23 (Reuters) - U.S. stock index futures rose on Monday, indicating that a recent rally on Wall Street would continue, with Apple Inc surging on a distribution deal with China Mobile.

* Activity is expected to be thin this week, making trading volatile, with many market participants out for the Christmas holiday. Equity markets will close early on Tuesday and will be closed all of Wednesday.

* Tech titan Apple said Sunday it had signed a long-awaited agreement with China Mobile Ltd to sell iPhones through the world's biggest network of mobile phone users, a deal that could add billions of dollars to its revenue.

* Shares of Apple jumped 3.7 percent to $569.12 in premarket trading, and the stock's massive market capitalization helped lift the Nasdaq. U.S.-listed shares of China Mobile rose 1.5 percent to $52.38.

* S&P 500 futures rose 6.6 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 44 points and Nasdaq 100 futures rose 20.75 points.

* Last week, equities gained their most in months, and both the Dow and S&P 500 ended Friday at all-time closing highs. The week's rally was fueled by strong economic data and a U.S. Federal Reserve decision to begin trimming its stimulus program, which removed a major source of uncertainty for the market. The Fed also said its key interest rate would stay at rock-bottom longer than previously promised.

* The S&P has soared more than 27 percent this year, thanks largely to the Fed's stimulus, and is on track for its best year since 1997.

* November personal income and spending data is on tap for 8:30 a.m. (1330 GMT), with both seen rising 0.5 percent. The final December reading of the Thomson Reuters/University of Michigan index on consumer sentiment is due at 9:55 a.m. Analysts expect a reading of 83, up from 82.5 last month.

* Tiffany & Co cut its full-year profit outlook on Sunday after a Dutch arbitration court ruling that it must pay Swatch Group $448.79 million in damages over a failed joint venture.

* Retail stocks will be in focus in the final shopping days before Christmas. In a sign that this season may be a difficult one for the group, U.S. consumers shopped less on the final weekend before Christmas despite deeper discounts, according to analytics firm RetailNext.

* Target Corp may see particular trouble in the wake of a massive data breach. The Wall Street Journal reported that the retailer suffered reduced customer traffic over the weekend, which is one of the busiest of the year.

* Wall Street rose Friday as unexpectedly strong growth data boosted confidence that the economic recovery was gathering speed.




via Technology - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEpWHz4hazqulqxdZxdjWS8W2FadQ&url=http://www.reuters.com/article/2013/12/23/markets-usa-stocks-idUSL2N0K20CS20131223

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