After reaching three-month highs on a better-than-expected jobs report last Friday, the Dow Jones Industrial Average (INDEX: ^DJI ) looks set to add to its recent gains today, with futures trading up 0.3% before open. Markets in Europe and Asia were mostly up overnight despite news that German industrial orders surprisingly dropped by 1.7% on lower demand from other eurozone countries. Italy also fell deeper into recession last quarter as its economy shrank by 0.7%, marking the fourth straight quarter of contractions.
Turning back to domestic events, Walt Disney (NYSE: DIS ) reports earnings after markets close today. Analysts expect the strong showing of its movie The Avengers, which brought in nearly $1.5 billion at the box office worldwide, to propel earnings to $0.93 per share and revenue to $11.31 billion. The media and entertainment titan is also expected to pour more than $3 billion into its theme parks this fiscal year, which ends in September, so analysts will be looking for signs of a healthy return on investment in that area.
In the latest potential case of banking fraud, the New York State Department of Financial Services accused British bank Standard Chartered of laundering money for Iran. The allegations shaved 23% of the bank's share price, despite the bank's strong rejection of the charges.
Market watchers can also expect an update on founder Richard Schulze's offer to buy out Best Buy (NYSE: BBY ) . The announcement sent the retailer's shares up 13% yesterday as Schulze offered a purchase price between $24 and $26 per share, well above the $20 where it currently trades. Schulze still owns 20% of the company but stepped down from the chairmanship in June. The board, meanwhile, said the offer was "highly conditional," and the S&P cut its credit rating to junk, as a buyout would increase the company's debt burden. Shares of the electronics seller were down more than 2% in premarket trading.
Only one economic report is due out today. The Federal Reserve releases its consumer credit report at 3 p.m. EDT, although this report rarely affects markets, as it trails other consumer spending indicators. Analysts believe consumers borrowed $10 billion in June, down from $17.1 billion in May.
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