Bucking a recent trend, US futures are pointing to a higher open on Tuesday ahead of another big day for corporate earnings.
Agricultural and construction machinery behemoth Caterpillar Inc (NSYE:CAT) saw shares gain over 5% to $113.70 in pre-market deals as it unveiled better-than- expected second-quarter earnings.
The machinery giant also raised its full-year guidance to $5 a share, from its previous outlook of $3.75 a share, due to cost discipline.
Impressively for a firm of this size, second-quarter revenues were up nearly $1bn from a year ago, with earnings per share (EPS) 40 cents higher.
Also in pre-market, General Motors Company (NYSE:GM) shares nudged 0.47% higher, as the car maker earned $1.89 a share in the second quarterm which beat estimates.
Profit was down from a year earlier as car sales have slowed, but the famous car maker did beat Wall Street forecasts.
Elsewhere, Michael Kors Holdings Ltd (NYSE:KORS) added 0.03% to $34.90 as the luxury goods seller agreed to buy shoe maker Jimmy Choo for nearly $1.2 billion. The latter, London-listed group saw shares shoot up over 17% on the acquisition news.
Current chief executive Pierre Denis will continue to run the luxury shoe group.
BREAKING | @MichaelKors agreed to buy @jimmychoo. https://t.co/t4Ew6tgh2U
— Business of Fashion (@BoF) 25 July 2017
McDonalds Corp’s (NYSE:MCD) shares are up over 2.4% in pre-market as the fast food burger giant posted a stronger-than-expected second-quarter.
The so called ‘Golden Arches’ giant reported earnings of $1.70 a share on $6.05 billion in revenue. Expectations were for earnings of $1.62 per share on $5.96 billion in revenue, according to Thomson Reuters estimates.