Stock futures were higher Thursday as better-than-expected results from
retailer J.C. Penney and video rental chain Blockbuster offset a weak
reading on the U.S. job market.
On the earnings front, department store operator J.C. Penney saw its
first-quarter results cut in half. The company blamed a pullback in
consumer spending. The results, however, were not bad as some analysts
had feared.
Kohl's and Nordstrom are set to report after the closing bell.
Investors will be looking for clues about how consumers are holding up
amid the economic downturn.
Other companies to watch Thursday include CNET Networks (CNET). CBS
Corp. announced before the opening bell it plans to acquire the media
company for about $1.8 billion. CNET shares surged 43% in premarket
trading.
In other corporate news, activist investor Carl Icahn reportedly plans
to launch a battle to unseat Yahoo's board, with the aim of getting the
company to restart deal talks with Microsoft.
General Electric plans to sell its appliance division, according to a
published report. The sale of the unit could bring in between $5
billion and $8 billion, the Wall Street Journal said.
Oil prices headed higher in electronic trading. U.S. crude for June rose 75 cents to $124.97 a barrel.