Stock futures are oscillating as oil futures rise in electronic trading (S&P futures +0.6, Nasdaq futures -18.0). Oil is now indicated roughly 0.7% higher at $130.20 per barrel. Schlumberger
reported earlier this morning its earnings totaled $1.16 per share for
the most recent quarter, topping the consensus earnings estimate by
$0.04. Demand for Schlumberger's oil and gas exploration and
production services runs high when oil commands rich prices.
Despite reporting better-than-expected earnings results Thursday
morning, Coca-Cola has been removed from Goldman Sachs's Conviction Buy
List. Separately, Lehman Brothers had its rating trimmed to A2 by
Moody's with a negative outlook.
After yesterday's close, heavy hitters Microsoft, Merrill Lynch , and Google all reported results that failed to meet estimates. On the other hand, IBM and Honeywell reported better-than-expected earnings results. Citigroup reported a loss that was less severe than feared.