INV: U.S. Futures Jump As Weak Dollar Buoys Commodities
The major indexes banked strong gains in pre-market action Tuesday, as a falling dollar boosted commodities prices and projected to do the same for commodities stocks.
Nasdaq 100, S&P 500 and Dow futures all gained ground ahead of the opening bell.
Managed healthcare services provider Aetna (AET) said it will buy healthcare information services provider Medicity for $500 million. Aetna said the deal will likely have little to no accretive effect in 2011 results.
On the corporate earnings front, AutoZone (AZO) reported a 20% rise in fiscal first-quarter profit to $3.77 a share, 33 cents above analysts' views. Revenue rose 13% to $1.79 billion, also topping estimates.
Shares of 3M (MMM) edged up slightly after the diversified manufacturing giant said it expects 2011 earnings of $6.17 to $6.37 a share vs. Wall Street consensus of $6.20. The company projected revenue of $29 billion to $30.5 billion vs. the Street's target of $29.15 billion.
On Monday, President Obama worked with Republicans to extend Bush-era tax cuts for the wealthiest Americans. The GOP had threatened to end jobless benefit claims for an estimated 2 million Americans if the party didn't get its way. Tax cuts also were extended to Americans in lower income brackets.
