Merck reported better-than-expected quarterly results as new drugs
offset declining sales of ones facing generic competition. Pfizer's
higher-than-expected second-quarter earnings were helped by growing
sales of its cancer medicines.
The economic calendar for Tuesday includes S&P/Case-Shiller home
price index for May at 9:00 a.m. EDT and the Conference Board's
consumer sentiment for July an hour later.
Later on Tuesday, the Federal Reserve begins a two-day meeting on
monetary policy. The Fed could make subtle yet telling changes to
its policy statement due Wednesday, as it plans how and when to
eventually raise interest rates.
S&P 500 e-mini futures were up 3 points and fair value - a formula
that evaluates pricing by taking into account interest rates,
dividends and time to expiration on the contract - indicated a
slightly higher open. Dow Jones industrial average e-mini futures
rose 33 points and Nasdaq 100 e-mini futures added 7 points.
Shares of health insurer Aetna rose after it reported a higher
second-quarter profit, helped by last year's acquisition of Medicare
and Medicaid provider Coventry Health Care.
Spirit Airlines rose 2.6 percent in light premarket trading after
the low-cost U.S. carrier reported a 54 percent rise in
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Costco shares rose 2.2 percent premarket after Goldman Sachs added
the stock to its conviction buy list.
Herbalife cut its sales outlook for the year after raising it three
months earlier, following billionaire investor Bill Ackman's latest
round of accusations against the company last week. Shares of the
weight-loss and nutrition products company slid 11.4 percent in
(Reporting by Rodrigo Campos; Editing by Bernadette Baum)
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