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BLBG: U.S. Stock-Index Futures Advance After S&P 500 Slides
 
U.S. stock-index futures climbed, indicating the Standard & Poor’s 500 Index will rebound from its lowest level in eight weeks, as investors await the minutes of the latest Federal Reserve meeting.

Symantec Corp. rallied 4.3 percent after people familiar with the matter said it is exploring a split. Yum! Brands Inc. added 0.6 percent in premarket New York trading after posting third-quarter profit that exceeded analysts’ estimates. GT Advanced Technologies Inc. jumped 17 percent, signaling it will extend yesterday’s surge. Alexion Pharmaceuticals Inc. dropped 1.8 percent after saying its chairman died.

Futures on the S&P 500 expiring in December added 0.3 percent to 1,932.8 at 7:34 a.m. in New York. The index slid 1.5 percent yesterday as the International Monetary Fund cut economic-growth forecasts and warned of “frothy” equities. That took its loss from a Sept. 18 record to 3.8 percent. Dow Jones Industrial Average contracts today rose 27 points, or 0.2 percent, to 16,678. Russell 2000 Index futures fell 0.1 percent, indicating the small-caps selloff will continue a third day.

“The Fed minutes will be vital for an indication as to the outlook for interest-rate rises,” Nick Skiming, who helps oversee about $10 billion at Jersey, Channel Islands-based Ashburton Ltd., said by phone. “Given the overall weakness in markets, the Fed may temper some comments. U.S. earnings also kick off today and, on a comparative basis from a year earlier, should be reasonably good. The commentary by the Fed will outweigh any short-term moves in the market.”

The S&P 500 (SPX) nearly tripled during a 5 1/2 year bull market spurred by better-than-forecast earnings and three rounds of Fed bond purchases. The gauge has gained 4.7 percent this year.

Fed Minutes

The Federal Open Market Committee will release minutes from its Sept. 16-17 meeting at 2 p.m. Washington time. The Fed remains on track to end bond purchases this month and investors have been concerned the central bank may raise interest rates sooner than anticipated as the U.S. economy improves.

Investors will also seek clues on the strength of the U.S. economy from corporate results, with Alcoa Inc. unofficially starting the earnings season after the close of markets today. Profit at companies in the S&P 500 rose 4.9 percent in the July-September period, according to the average estimate of analysts in a Bloomberg survey.

The benchmark index has fallen 3.3 percent in the past month, the worst pre-earnings performance since 2009.

Symantec gained 4.3 percent to $24.19 after people familiar with the matter said the software company is in advanced talks to break up its business into two entities -- one offering security programs and another focusing on data storage. An announcement may be a few weeks away, one of the people said.

Yum Profit

Yum gained 0.6 percent to $70.15 after reporting third-quarter earnings excluding some items of 87 cents a share. That beat the average analyst prediction of 83 cents. The owner of the KFC and Taco Bell fast-food chains said full-year profit excluding special items will rise 6 percent to 10 percent this year, down from a previous projection of at least 20 percent.

GT Advanced Technologies Inc. jumped 17 percent to $1.41, following yesterday’s 51 percent surge. The maker of lab-grown sapphire plunged 93 percent to 80 cents a share on Oct. 6 after filing for Chapter 11 bankruptcy protection.

Alexion Pharmaceuticals slid 1.8 percent to $164.97. The drugmaker focused on treatments for rare diseases said Chairman Max Link, 74, died on Oct. 5 while traveling on business. The board said it will announce a new chairman in the coming days.

To contact the reporter on this story: Namitha Jagadeesh in London at njagadeesh@bloomberg.net

To contact the editors responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net Alan Soughley
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