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BLBG: U.S. Stock-Index Futures Gain on Earnings as Exxon Mobil Climbs
 
U.S. stock-index futures advanced as companies from Exxon Mobil Corp. to Las Vegas Sands Corp. and Symantec Corp. posted results that beat analysts’ estimates.

Exxon Mobil, the world’s largest company, climbed after profit was boosted by rising global energy demand. Las Vegas Sands surged 11 percent as results were helped by a new resort in Singapore and growth in Macau gambling. Symantec, the largest maker of computer-security software, jumped 7.3 percent after companies increased spending.

Futures on the S&P 500 expiring in December rose 0.4 percent to 1,183.3 at 8:24 a.m. in New York. Dow Jones Industrial Average futures increased 0.3 percent to 11,104 and Nasdaq-100 Index futures advanced 0.3 percent to 2,131.

The S&P 500 fell 0.3 percent yesterday as investors speculated that the Federal Reserve’s efforts to shore up the economy will be gradual. The Fed asked bond dealers and investors for projections of central bank asset purchases over the next six months, along with their likely effect on yields, as it sought to gauge the possible impact of a new program of quantitative easing, according to a New York Fed survey obtained by Bloomberg News.

The survey asks how much the central bank will buy and how long the asset purchases will take. The survey also asks firms how often they anticipate the Fed will re-evaluate the program, and to estimate its ultimate size.

“Many investors are assuming that if the Fed is asking for estimates for QE2, the central bank may try to beat expectations next month,” said Lex van Dam, fund manager at London-based Hampstead Capital LLP, which oversees $500 million.

Jobless, Earnings

Initial claims for jobless benefits rose to 455,000 last week from 452,000 the prior week, according to a Bloomberg News survey before the Labor Department reports the figure today. Claims have been above the 10-year average of 394,500 for all of 2009 and 2010.

Some 201, or 84 percent, of the 239 S&P 500 companies to have reported earnings since Oct. 7 have beaten analyst estimates for per-share profit, according to data compiled by Bloomberg.

Las Vegas Sands jumped 11 percent to $45.75 in early New York trading after it reported third-quarter profit excluding some items of 28 cents a share, topping the average of analysts’ estimates of 24 cents, as the casino operator opened a Singapore resort and benefited from gambling growth in Macau.

Symantec, Western Digital

Symantec climbed 7.3 percent to $16.95. Fiscal second- quarter profit, excluding some items, rose to 34 cents a share, compared with the 28-cent average of estimates. The world’s largest maker of computer security software forecast $1.59 billion of revenue in the period ending Dec. 31, beating the average analysts’ estimate of $1.55 billion.

Western Digital Corp., the world’s second-biggest maker of hard disk drives, rose 1.7 percent to $32.11 in German trading after Barclays upgraded the shares to “overweight” from “equal weight.”

Akamai Technologies Inc. rose 2.8 percent to $51.82 after the maker of technology that speeds Internet traffic reported third-quarter sales of $253.6 million, beating the $249.6 million average of analysts’ estimates compiled by Bloomberg.

Colgate-Palmolive Co. lost 1.3 percent to $74.55 in early New York trading after it posted third-quarter sales that dropped 1.4 percent to $3.94 billion from a year earlier. Net income advanced to $619 million, or $1.21 a share, the New York- based maker of Ajax cleaners and Hill’s pet food said.

Allstate Corp. sank 3.6 percent to $31.32. The largest publicly traded U.S. home and auto insurer reported operating profit, which excludes some investment results, of 83 cents a share, missing the 96-cent average estimate of 19 analysts surveyed by Bloomberg.

To contact the reporter on this story: Adam Ewing in Stockholm at aewing5@bloomberg.net.

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net.
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