US futures tick higher
International / 11 Feb '13, 2:43pm
New York - US stock index futures edged higher on Monday, suggesting equities will extend their multi-year closing highs from Friday, but low volume and the absence of economic indicators on tap could make trading volatile.
Upbeat US and Chinese data last week helped extend the weekly winning streak of the S&P 500 to six weeks. The benchmark is up 6.4 percent so far this year after a steep rally in January that has dwindled as earnings season winds down.
File image. Credit: THE PHOTO HOLIC
S&P 500 futures rose 3.4 points but were slightly below 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 rose 37 points, and Nasdaq 100 futures added 7.5 points.
Google shares dipped 0.8 percent in premarket trading after news Executive Chairman Eric Schmidt is selling roughly 42 percent of his stake in the company, a move that could potentially net the former chief executive $2.51 billion.
Celgene Corp shares rose 1.5 percent premarket to $101.60 after US regulators approved its new drug for patients with multiple myeloma whose disease has worsened after being treated with other cancer drugs.
US Airways shares gained 2.9 percent to $15.18 as it nears an $11 billion merger with AMR Corp that would create the world's largest airline.
Three of Dell Inc's largest investors joined Southeastern Asset Management on Friday in objecting to a $24.4 billion buyout of the No. 3 PC maker led by Chief Executive Michael Dell, as opposition grows to the buyout, the largest since the start of the financial crisis. Dell considered many strategic options before opting to go private, the company said in a regulatory filing. - Reuters