• US futures have surged after a better than expected GDP report and weekly unemployment data showed further signs that companies are cutting fewer jobs.
• The U.S. economy grew in the third quarter for the first time in more than a year, a 3.5 percent pace from July through September, exceeding the median estimate of economists.
• The number of people receiving jobless benefits declined by 148,000 to 5.8 million in the week ended Oct. 17, the lowest since March 21 and biggest weekly drop since July, while initial jobless claims fell by 1,000 to 530,000.
• Procter & Gamble Co. advanced 2.6 percent in pre-market trading in New York after the largest consumer products company reported better-thanexpected earnings.
• Motorola Inc. gained after forecasting fourth-quarter profit that exceeded analyst’s estimates.
• Shares of Exxon Mobil Corp. fell after reporting a fourth straight drop in profit after demand slumped for fuels to run cars, factories and airplanes.
• Natural Gas Inventories due at 10:30 ET.
• Treasury Secretary Geithner testifies to the House Financial Services Committee on financial regulation at 9:30 ET.
General Dynamics (Overweight)
GD reported strong 3Q results of $1.47, besting our Street matching $1.40e on across the board strength in margins, and aerospace sales showing signs of stabilization.