Wall St. to open higher ahead of euro summit

Markets Reuters

By Edward Krudy

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Wall Street European Union

France and Germany said in a joint statement that European leaders would discuss a solution to the crisis on Sunday, but no decisions would be adopted before a second meeting to be held by Wednesday at the latest.

"Today will be all Europe, everything Europe," said John Brady, senior vice president at MF Global in Chicago. "It is all about the summit this weekend."

General Electric Co's <GE.N> third-quarter earnings rose, meeting Wall Street's estimate, with profit up at its jet engine, healthcare equipment and railroad locomotive units, as well as the hefty GE Capital finance arm. The shares fell 1.4 percent to $16.40 in premarket trade.

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Honeywell International Inc <HON.N> shares rose 3.4 percent in premarket trade after it reported better-than-expected results and lifted its earnings outlook.

S&P 500 futures rose 13.4 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 111 points, and Nasdaq 100 futures climbed 23.5 points.

"Our perspective is that as time progresses the markets are going to realize there is not going to be a quick resolution to Europe, and these 17 member states of the euro zone are going to make incremental progress," said Oliver Pursche, president at Gary Goldberg Financial Services in Suffern, New York.

According to Thomson Reuters data, of the 109 companies in the S&P 500 that have reported earnings as of Thursday, 70 percent have topped analysts' expectations.

McDonald's Corp <MCD.N> reported higher-than-expected quarterly profit, helped by new menu items in the United States and a tiered price menu in Europe that includes premium and lower-priced selections. The shares rose 2.4 percent to $91.14.

Verizon Communications Inc's <VZ.N> quarterly profit rose, but its wireless subscriber growth was slower than expected. The shares were flat in premarket trade

European shares <.FTEU3> rose 1.6 percent on Friday on hopes decisions would emerge to resolve the region's debt crisis.

(Additional reporting by Ryan Vlastelica; Editing by Padraic Cassidy)

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