Futures Lower, Focus on Earnings Ahead of Durable Goods. Stocks to Watch: ABB, AAPL, BAC, BA, BP, FCX, LVS, PX, UBS, and WBSN

Published on Wednesday, 28 July 2010 08:25 Written by Christopher Lynn

New York, July 28^th (TradersHuddle.com) – Stock futures pointed to a lower open, as investors focused on earnings ahead of the durable goods report.

Dow component Boeing (NYSE:BA) topped earnings expectations but missed revenue estimates, the day is heavy with earnings reports, which investors will focus in order to seek direction to the overall market.

On economic news, mortgage applications fell 4.4% in the past week, due primarily to drop in refinance efforts as interest rates moved higher. At 8:30 the government releases its durable goods report.

Today’s stocks to watch: ABB Ltd (NYSE:ABB), Apple (NASDAQ:AAPL), Bank of America (NYSE:BAC), Boeing (NYSE:BA), BP (NYSE:BP), Freeport McMoRan (NYSE:FCX), Las Vegas Sands (NYSE:LVS), Praxair (NYSE:PX), UBS (NYSE:UBS), Websense (NASDAQ:WBSN).

ABB Ltd (NYSE:ABB), the power and automation technologies global provider, jumped close to 2% in pre-market trading after it was upgraded to Outperform from Market Perform at Bernstein.

Apple (NASDAQ:AAPL), maker of iPhone, iPads, and Mac computers, was flat in pre-market after gaining 1.85% in yesterday’s session as technology company announced several new products including fairly significant refreshes to its iMac and Mac Pro lines, a new 27-inch LED Cinema Display, and the new Magic Trackpad, an external Multi-Touch track pad for use with desktops. Analysts at Kaufman noted that this refresh to the Mac line should help reinvigorate sales and it’s coming sooner than expected in their view, as the last update to the line was in October 2009.

Bank of America (NYSE:BAC), the largest U.S. lender, gained 0,35% in pre-market trading, as European banks gain, lifting sentiment in the financial sector. European banks, like UBS (NYSE:UBS) climbed close to 3% in pre-market trading, as Deutsche Bank raised its recommendation on European banks to a Neutral” from Underweight, saying the industry looks ripe for a sustainable recovery. Shares of Bank of America finished yesterday’s trading session with a gain of 0.28% and UBS jumped close to 9%, as the Swiss based lender, reported better than expected corporate results.

Boeing (NYSE:BA), the second largest commercial aircraft maker in the world, beat analysts’ earnings expectations, but missed revenues estimates. Boeing posted a profit of $1.06 per share, $0.05 better than consensus; revenues fell 9.2% year over year to $15.57 billion versus the $16.13 billion that was widely expected. The company reaffirmed its prior full year 2010 guidance. It sees earnings per share of $3.50-3.80 versus consensus of $3.87. The Company continues to expect that 2011 revenue will be higher than 2010, primarily driven by projected 787 and 747-8 deliveries. Boeing fell more than 0.5% in pre-market trading on the news.

BP (NYSE:BP), the embattled energy giant, was upgraded to Outperform from Neutral at Macquarie. BP fell 1.68% yesterday after it reported a record loss of $17.2 billion for the quarter after it took a charge for the worst oil spill in U.S. history and announced plans to sell up to $30 billion in assets over the next 18 months, a task that the new CEO Robert Dudley will have to undertake, as current CEO Tony Hayward will step down in October. BP fell more than 1.7% in pre-market trading.

Freeport McMoRan (NYSE:FCX), the world’s largest publicly traded copper producer, will likely see a lift from higher copper prices, helping the stock rebound from yesterday’s loss. Copper gained 1.8%, reversing earlier losses on the London Metals Exchange, as China pledged to maintain a moderately loose monetary policy, easing concerns that demand for the metal will falter.

Las Vegas Sands (NYSE:LVS), the owner and operator of casino resorts and convention centers in the U.S., Macau, and Singapore, reported better than expected earnings per share on revenue that met analysts’ expectations. The owner of the Venetian in the Las Vegas, posted a profit of $0.17 per share, $0.08 better than consensus of $0.09; revenues surged 50.7% year over year to $1.59 billion. Shares of Las Vegas Sands jumped more than 2.40% in pre-market trading, as market participants liked the results.

Praxair (NYSE:PX), the provider of atmospheric and process gases, announced its Board of Directors has authorized a new share repurchase program for up to $1.5 billion, as the current $1 billion buy back program has been substantially completed.

Websense (NASDAQ:WBSN), the provider of Web-security software, was downgraded to Underweight from Neutral at JP Morgan, following its earnings report that topped earnings expectations but missed revenue estimates and lowered its 2010 revenue outlook. Websense plunged more than 15% in pre-market trading.