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U.S. stock futures advanced, after theStandard & Poor’s 500 Index posted its biggest weekly loss in three months,on an increase in takeover activity and better-than-forecast earnings fromCitigroup Inc.
Citigroup climbed 3.8 percent after alsoagreeing to pay $7 billion to settle a mortgage-bond probe. Apple (AAPL) Inc. rose after BarclaysPlc advised investors to buy shares in the world’s biggest company by marketvalue. URS Corp. jumped 7.7 percent after Aecom Technology Corp. agreed toacquire the construction-management company for about $4 billion. AbbVie Inc.fell 2.1 percent after Shire Plc said it’s willing to recommend the U.S.company’s latest bid to its shareholders.
Futures on the S&P 500 (SPX) expiring inSeptember added 0.4 percent to 1,970.70 at 8:22 a.m. in NewYork. Dow Jones Industrial Average contracts increased 77points, or 0.5 percent, to 16,958 today.
The S&P 500 slid 0.9 percent lastweek amid signs of financial stress at a Portuguese bank and speculation thatthe recent rally is overdone. The benchmark gauge closed at an all-time highand the Dow topped 17,000 for the first time on July 3. The S&P500 hasn’t had a drop of 10 percent in more than two yearsand the gauge trades at a valuation of 18 times reported earnings, the highestsince 2010.
Volatility Outlook
Options traders are betting equityvolatility will increase. The Chicago Board Options Exchange Volatility Indexjumped 17 percent last week and a similar measure for European equities surgedthe most in almost six months. The ratio of contracts wagering that the VIXwill rise versus those betting on declines is almost 4-to-1, the highest sincebefore the financial crisis in 2007, according to data compiled by Bloomberg.
JPMorgan Chase & Co., Goldman SachsGroup Inc., Yahoo! Inc. and IntelCorp. are among the 58 companies on the S&P 500 postingearnings this week. Profit by the gauge’s members increased 4.5 percent in thesecond quarter, and revenue rose 3.1 percent, according to estimates compiledby Bloomberg.
Citigroup jumped 3.8 percent to $48.78.The third-largest U.S. bank by assets agreed to pay $7 billion in fines andconsumer relief to resolve government claims that it misled investors about thequality of mortgage-backed bonds sold before the 2008 financial crisis.
The bank said second-quarter profittumbled 96 percent on $3.7 billion in costs tied to the settlement. Excludingitems, profit was $1.24 a share. The average estimate of 25 analysts surveyedby Bloomberg was $1.05.
Apple Climbs
Apple climbed 0.6 percent to $95.83after Barclays raised its recommendation on the technology company tooverweight, or buy, from a rating similar to hold. Separately, Israelimedia-services company Emblaze Ltd. said a jury considering its legal claimagainst Apple ruled the U.S. company didn’t infringe its patent.
URS advanced 7.7 percent to $56. Aecomwill buy San Francisco-based URS by paying the equivalent of $56.31 (URS) a share in cash andstock, the companies said. Including debt, the value of the transaction will beabout $6 billion. The price is 8.2 percent more than URS’s July 11 close.
AbbVie fell 2.1 percent to $53.83. Shiresaid it would recommend a bid from AbbVie of 53.20 pounds a share, subject toother terms under discussion being resolved. Shire shareholders would own about25 percent of AbbVie under the latest proposal.
By Anna Hirtenstein frombloomberg
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