SmarTrend Morning Market Update: July 22, 2010

U.S. stock futures are trading higher Thursday on better-than-expected industrial-orders data in Europe. Sales surged 22.7%, according to the European Union statistics agency Eurostat, which exceeded economists' forecasts for flat monthly orders and a 20% year-over-year rise. Federal Reserve Chairman Ben Bernanke's second day of testimony will begin at 9:30 AM ET. In corporate news, Cooper Industries (NYSE:CBE) reported Q2 EPS of $0.80, topping consensus estimates of $0.76. Revenues rose 5.3% year-over-year to $1.34 billion, beating consensus estimates of $1.30 billion. The company expects Q3 EPS of $0.75 to $0.80. For the full year, Cooper Industries sees EPS of $2.95 to $3.10. Caterpillar (NYSE:CAT) reported Q2 EPS of $1.09, topping consensus estimates of $0.85. Revenue rose 31% year-over-year to $10.41 billion, ahead of consensus estimates of $9.80 billion. The Dow Jones Industrial Average (DJI) futures are trading 93.00 points above fair value, the S&P500 (INX) futures are trading 11.79 points above fair value, and the Nasdaq Composite (IXIC) futures are trading 18.50 points above fair value.

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