* Apple shrs up after beats expectations on strong sales
* Raytheon boosts full-year sales forecast
* Data on existing home sales, jobless claims on tap
* Futures up: S&P 7 pts, Dow 53 pts, Nasdaq 17.50 pts
* For up-to-the-minute market news click []
(Adds details, byline)
By Leah Schnurr
NEW YORK, April 23 (Reuters) - U.S. stock index futures
pointed to a higher open on Thursday after earnings from
companies like Apple Inc and Hershey Co suggested some
businesses weathered the recession in the first quarter.
Raytheon Co <RTN.N> also boosted sentiment after the maker
of Patriot missile defense systems and other military
electronics reported higher profit and boosted its full-year
sales forecast, sending its shares up 4.8 percent at $43.30
before the bell. Investors are keen to see guidance from
companies to get a sense of the depth and longevity of the
downturn.
Investors also awaited data on existing home sales for
March and initial jobless claims. The report on the labor
market is expected to show initial claims at 635,000, according
to Reuters data.
Apple <AAPL.O> was set to boost technology shares after it
posted results after Wednesday's close that topped expectations
on strong sales of its popular iPhones and iPods. The shares
were up 3.3 percent at $125.55 in early electronic trading.
EBay Inc <EBAY.O> could also boost the sector after it beat
Wall Street expectations on earnings and revenue late Wednesday
on cost cuts and growth at its Skype telephone and PayPal
payments divisions. EBay jumped 6.4 percent at $15.75.
"There's only been small patches of positive guidance,
mostly on the part of companies who are strong enough to have
weathered this current weak demand," said Rick Meckler,
president of investment firm LibertyView Capital Management in
New York.
"The Apple news yesterday and some of the other earnings
reports in tech were taken as a reasonably positive sign."
S&P 500 futures <SPc1> rose 7 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 <DJc1> climbed
53 points, and Nasdaq 100 <NDc1> futures added 17.50 points.
Among the standouts in the early morning round of results,
shares of Hershey <HSY.N> rose 3.3 percent to $37.25 after the
chocolate maker reported results that beat expectations amid
price increases and market share gains.
PNC Financial Services Group <PNC.N> posted a rise in
profit as it was helped by the acquisition of National City
Corp and cost cuts. Its shares rose 5.8 percent to $40.25.
In the auto sector, the U.S. Treasury raised its offer to
Chrysler lenders, sources said Wednesday, as the embattled
automaker races to cut its debt and labor costs and reach an
alliance with Italy's Fiat SpA <FIA.MI> by the end of the
month. (For details, see []).
Also, auto dealer representatives will meet with the U.S.
government task force faced with retooling the auto industry to
make the case that a bankruptcy for General Motors Corp <GM.N>
should not be an option. []
The Dow and S&P fell Wednesday after Morgan Stanley <MS.N>
revived concerns about the banking sector and the wider economy
after it posted its second straight quarterly loss and slashed
its dividend.
The Nasdaq eked out a gain after AT&T Inc <T.N> reported
its quarterly profit fell less than expected, and an analyst
said its iPhone partnership with Apple is starting to help
rather than hurt profits, lifting tech shares.
(Reporting by Leah Schnurr)
