futures rise

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    U.S. Stock-Index Futures Advance; Bank of America, Ford Rise
    Jan. 23 (Bloomberg) --

    U.S. stock-index futures rose. Bank of America Corp. and Ford Motor Co. gained in Europe before reporting earnings today.

    Standard & Poor's 500 Index futures expiring in March added 3.7 to 1268.5 as of 8:53 a.m. in London. Dow Jones Industrial Average futures advanced 24 to 10,690 and Nasdaq 100 Index futures increased 4 to 1689.5.

    Stocks on Jan. 20 dropped the most since 2003 as General Electric Co. and Citigroup Inc. capped a week of earnings disappointments.

    ``The decline was too much,'' said Jacques Porta, who helps manage $180 million at Ofivalmo Patrimoine in Paris. ``Companies have just started reporting earnings. It's too soon to jump to conclusions.''

    Shares of Citigroup fell today after UBS AG cut its recommendation on the stock.

    Bank of America and Ford are among nine S&P 500 companies scheduled to release results. Texas Instruments Inc. and American Express Co. are also due to report.

    Bank of America added $1.09 to $45.28 in Germany. The second- largest U.S. bank may report fourth-quarter net income rose 8 percent to $4.15 billion, or $1.03 a share, from a year earlier, estimated Goldman Sachs Group Inc.'s Lori Appelbaum, the top-ranked bank analyst in Institutional Investor magazine's annual survey.

    Ford gained 5 cents to $7.95 in Germany. The second-largest U.S. automaker was projected to post a profit of 1 cent a share, the average estimate of 17 analysts surveyed by Thomson Financial. That's down from 28 cents a year earlier.

    The company today announces plans to eliminate jobs and close plants in North America as it tries to stem losses at its largest automotive unit. Ford reports earnings at 7:30 a.m. Detroit time.

    Citigroup, Texas Instruments

    Citigroup dropped 25 cents to $45.69 in Germany. The biggest U.S. financial-services firm had its stock recommendation cut to ``neutral'' from ``buy'' at UBS amid a ``tough'' outlook for earnings growth.

    ``We just don't feel that the fundamentals, valuation or sentiment are compelling enough to get investors excited,'' New York-based analysts including Glenn Schorr wrote in a report published today.

    Texas Instruments, the world's biggest maker of mobile-phone chips, is expected to report a fourth-quarter profit of 42 cents a share, up from 29 cents a year earlier, according to analysts surveyed by Thomson Financial. The shares added 3 cents to $31.69 in Germany.

    American Express, Mercury

    American Express, the fourth-biggest U.S. credit card issuer, may say fourth-quarter profit rose about 5 percent as consumers and businesses bought more goods and services using its credit cards, boosting fees the company receives from merchants. The stock lost 4 cents to $51.36 in Germany.

    Mercury Interactive Corp., a software company, was raised to ``overweight'' from ``underweight'' at JP Morgan, Chase & Co. The shares didn't trade in Europe.

    The S&P 500 tumbled 1.8 percent to 1261.49 on Jan. 20. The Dow average sank 2 percent to 10,667.39. The Nasdaq Composite Index dropped 2.4 percent to 2247.7.




 
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