The stock market ended Friday with its sixth consecutive weekly gain. Today, U.S. stocks look set to open lower as investors brace for the next batch of corporate earnings.
PepsiCo kicked off the week’s results with better-than-expected quarterly earnings and confirmed its full-year guidance. Also before the bell, Bank of America reported earnings of 44 cents a share, considerably better than analysts expected and drug maker Eli Lily topped estimates. After the close, IBM and Texas Instruments are scheduled to announce.
Making news outside of earnings, Oracle is acquiring Sun Microsystems for $9.50 a share, a nearly 30 percent premium over the Friday closing price. The deal is valued at $7.4 billion.
On the economic front, today we will get the March Leading Indicators report. Thursday brings the weekly jobless claims number and existing home sales data. We end the week with the durable goods report and new home sales data.
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