Wall Street points toward higher opening

January 21, 2009 5:04:26 AM PST
Investors still worried about the troubled banking industry are getting some solace from more upbeat earnings news on the technology front.

Stock futures pointed to a rebound at the opening from Tuesday's huge loss.

IBM provided a better-than-expected profit outlook for 2009. After the market closed Tuesday, IBM said it expects to earn $9.20 per share this year. That's 45 cents per share better than the average analyst estimate, according to Thomson Reuters.

IBM also said its fourth-quarter profit jumped 12 percent, easily topping analysts' estimates.

Swedish wireless equipment maker Ericsson also reported better-than-expected fourth-quarter profit, although earnings fell. Its shares have traded higher today in Stockholm.

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