Sticky day for stocks
Sticky day for stocks
20/10/2003 13:25
nings from 3M, Citigroup could help determine if bulls get back on track.

Earnings reports from Dow components Citigroup and 3M will get Wall Street's week started Monday, after a week in which the recent rally of stocks ran into some obstacles.

At 6:10 a.m. ET, futures indicated a higher start for the major indexes.

The wave of third-quarter corporate reports reaches its crest this week, and it starts with the 3M and Citigroup numbers before the opening bell.

Citigroup Inc., the world's largest financial services company, said Monday its third-quarter profit rose, helped by growth in its consumer and investment banking businesses.

The New York-based company reported net income of $4.69 billion, or 90 cents per share, compared with $3.92 billion, or 76 cents per share, a year earlier. The results topped analysts' estimates of 85 cents a share, according to a consensus compiled by First Call. Citigroup (C: Research, Estimates) shares closed at $48.38 Friday.

Analysts surveyed by First Call expect 3M (MMM: Research, Estimates), the conglomerate behind Scotch tape and Post-it notes, to post earnings of 79 cents a share, up from 69 cents a year earlier. Shares of 3M rose 35 cents to $74.08 Friday.

Among the results coming in after the market close will be communications chip maker Texas Instruments (TXN: Research, Estimates).

After the markets open, the Conference Board comes out with its index of leading economic indicators. Analysts surveyed by Briefing.com expect no change in the September figures, after a 0.4 percent rise in August.

The Dow Jones industrial average is coming off a positive week, even after Friday's 0.7 percent loss. The Nasdaq composite index's nearly 2 percent loss Friday resulted in a 0.1 percent dip for the week. (see chart for details)

Asian-Pacific stocks ended mostly higher Monday, with Tokyo's Nikkei index up 1.1 percent to its highest level since June of last year. European markets were little changed in early trading. (Check the latest on world markets)

Treasury prices slipped, sending the 10-year note yield up to 4.42 percent from 4.39 percent late Friday. The dollar slipped against the yen, and was flat versus the euro.

Brent oil futures fell 25 cents to $28.78 a barrel in London, where gold was a little higher.

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