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Stock Futures Point Higher Ahead of Numerous Earnings Reports

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By IBTimes

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Richard Drew/AP

By Sreeja VN

U.S. stock futures point to a higher open Wednesday, ahead of the publication of new home sales data and quarterly earnings statements from major American companies, including Facebook, Ford, PepsiCo, Qualcomm, Visa and Boeing.

Futures on the Dow Jones industrial average (^DJI) were up 0.2 percent, while futures on the Standard & Poor’s 500 index (^GSPC) were up 0.3 percent and those on the Nasdaq 100 Index were up 0.9 percent.

Investors are expected to focus on new home sales data for June, to be released by the Commerce Department, at 10 a.m. Eastern time. Analysts expect new home sales — the annualized number of new single-family homes that were sold during the previous month — may probably increase to 485,000 in June from 476,000 in the previous month.

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New home sales had recorded a better-than-expected gain in May, helped by a pick-up in demand, while existing home sales data for June, which was released Monday, showed a decline. Analysts attributed the fall to a recent hike in mortgage interest rates and believe new home sales could still increase in June.

“With the NAHB current sales index still rising strongly, we have penciled in an increase in new sales from 476,000 in May to 485,000,” Paul Diggle, an economist with Capital Economics, wrote in a research note.

On the earnings front, a number of major companies, including Caterpillar (CAT), Eli Lilly & Co. (LLY), EMC Corp. (EMC), US Airways Group, (LCC), Ford (F), PepsiCo (PEP) and Boeing (BA), will announce quarterly earnings before market hours. Visa (V), Western Digital (WDC), Qualcomm (QCOM) and Facebook (FB) are to announce their earnings after markets close Wednesday.

Markit Economics’ flash Purchasing Managers’ Index, or PMI, for the manufacturing sector in the month of July, is scheduled to be released at 9 a.m. Eastern time. The index, which measures the activity level of purchasing managers in the manufacturing sector, is expected to show a reading of 52.5 in July, up from the 51.9 recorded in June. A reading below 50 indicates contraction.

European markets were trading higher Wednesday, as investor sentiments were buoyed after flash PMIs for the euro zone’s manufacturing and services sectors beat expectations. The 17-nation eurozone’s manufacturing PMI for July came in at 50.1 compared to 48.8 in the previous month. The services PMI registered a reading of 49.6 compared to 48.3 in June.

Germany’s manufacturing PMI came in at 50.3 in July, up from 48.6 in June while the nation’s services PMI was at 52.5 in July, up from 50.4 in June. Meanwhile, in neighboring France, while the …read more

Source: FULL ARTICLE at DailyFinance

Articles of Interest

Chris Froome Wins Tour De France: British Cyclist Caps Strong Race With Ride Into Paris (PHOTOS)

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By The Huffington Post News Editors

PARIS — Chris Froome won the 100th Tour de France on Sunday, having dominated rivals over three weeks on the road and adroitly dealt with doping suspicions off it.

In two years, Britain has now had two different winners: Bradley Wiggins in 2012 and then Froome, a cooler, calmer, more understated but no less determined character than his Sky teammate with famous sideburns.

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Source: FULL ARTICLE at Huffington Post

Computers

US leads 'dirty dozen' of spam traffickers, Sophos study says

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Sophos has selected its “dirty dozen” of countries that relay spam for the second quarter of 2013, and the U.S. has taken the top spot.

With a population of more than 300 million people that makes up a large portion of the world’s online traffic, Sophos security evangelist, Paul Ducklin, said it is no surprise that the U.S. is the leader.

“Remember that the Dirty Dozen doesn’t tell us from where the spam originates,” he said. “It tells us how spam gets relayed from the crooks to their potential victims.”

Belarus has risen up to take the second spot, with Ukraine, Kazakhstan, and Argentina and making their debut as France, Peru, and South Korea drop from the list.

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Source: FULL ARTICLE at PCWorld