Google Stock Breaks Record, GE Reports Order Backlog: Morning Buzzers
U.S. stock futures rose on Friday morning as data showed the Chinese economy expanded for the first time in three quarters. Investors are optimistic that the Federal Reserve will not start cutting stimulus soon due to the government shutdown caused by lawmakers’s inability to reach an agreement on the budget. The shutdown ended on Wednesday evening, just a day before the U.S. was set to lapse on its borrowing authority.
Futures at 8:30 a.m.: DJIA: +0.19% S&P 500: +0.27% NASDAQ: +0.15%
Here’s your cheat sheet to what’s buzzing this morning:
General Electric (NYSE:GE) reported third quarter earnings on Friday morning, saying that profit and revenue fell while earnings topped expectations by a penny and the company boasted a record backlog of orders, according to Reuters. GE’s earnings rose at six out of seven of the company’s industrial businesses, but its shrinking financial arm took a bit of a toll on the company’s report. Shares are up in pre-market trading as the market is feeling optimistic about GE’s increased orders across its portfolio of industrial goods.
Morgan Stanley (NYSE:MS) reported a 50 percent increase in revenue when the bank reported earnings on Friday morning, Reuters reports. Though the company posted a drop in its fixed income business, gains in equity sales and trading more than made up for them. Morgan Stanley’s earnings came in at 50 cents a share and net income was $888 million. In the third quarter of last year Morgan Stanley posted a loss of $1 billion, or 55 cents a share.