(RTTNews) - Following a volatile trading session on Thursday that ultimately took stocks substantially lower, the major index futures are pointing to a sharply higher open on Friday as investors seek out bargains and try to pick the market bottom. The Dow futures are currently up more than 200 points.

With little in the way of economic news, traders are looking toward corporate news for direction. Positive quarterly results from Dell (DELL), Gap (GPS), and Heinz (HNZ) are helping to drive the broader markets higher along with news that Citigroup (C) may be planning to sell itself.

Dell reported net income for the third quarter of $0.37 per share, compared to $0.34 per share for the year-ago quarter, although revenue fell to $15.16 billion from $15.65 billion in the prior year quarter. Analysts expected the computer giant to earn $0.31 per share on revenue of $16.22 billion for the quarter.

At the same time, Gap reported third quarter net income of $0.35 per share, compared to $0.30 per share in the third quarter last year. Net sales fell to $3.6 billion from $3.9 billion in the year-ago quarter, while comparable store sales decreased 12 percent.

Analysts expected the apparel retailer to earn $0.34 per share for the quarter on revenues of $3.57 billion. Gap also reaffirmed that it expects full year GAAP earnings of $1.30 to $1.35 per share. Wall Street expects earnings of $1.33 per share for the year.

Meanwhile, Heinz reported second quarter net earnings that came in better-than-expected on revenues that just missed analysts’ estimates. Heinz also reaffirmed its fiscal 2009 guidance for organic sales and for EPS.

The food producer anticipates that it will deliver full-year organic sales growth of at least 6 percent and EPS in the target range of $2.87 to $2.91 for the fiscal year, which ends April 29, 2009. Analysts expect the company to report earnings of $2.90 per share on revenues of $10.81 billion for fiscal 2009.

Additionally, Citigroup is exploring the possibility of selling parts of the company or an outright sale following the plunge in its stock price, the Wall Street Journal reported Thursday, citing people familiar with the matter. The news comes after the financial services giant saw its stock plunge 26 percent on Thursday.

While there are no major economic reports due to be released today, Philadelphia Federal Reserve President Charles Plosser is scheduled to speak about the financial crisis in Philadelphia at 11:10 AM ET, while Chicago Fed President Charles Evans is due to speak to economists in Indianapolis at 12:40 PM.

After showing substantial volatility throughout the trading session, stocks ended Thursday’s trading sharply lower following a late day sell-off. With traders reacting to disappointing economic data, the major averages all ended the session at multi-year closing lows.

The major averages all closed sharply lower, with the Dow and the Nasdaq ending the day at their worst closing level since March of 2003 while the S&P 500 ended the session at its lowest closing level since April of 1997.

The Dow finished the session down 5.6 percent, while the Nasdaq closed down 5.1 percent and the S&P 500 closed down 6.7 percent.

Crude oil futures for January delivery are trading up $1.42 at $50.84 a barrel in their first trading session as the front-month contract. The December futures expired at a three-year closing low $49.62 a barrel on Thursday, representing a decrease of $4.

Meanwhile, gold futures are currently moving up $14 to $762.70 an ounce. In the previous session, the price of the precious metal rose $12.70 to $748.70 an ounce.

On the currency front, the U.S. dollar is trading at 95.113 yen compared to 93.7155 yen it was worth at the close of New York trading on Thursday. The dollar is currently valued at $1.2624 versus the euro.

In overseas trading, the stock markets in the Asia-Pacific region closed mostly higher on Friday, ending a four-day losing streak. While the markets opened lower, stocks rebounded in afternoon trading on speculation that China will cut interest rates over the weekend.

On the other hand, the major European markets have turned lower after seeing some strength earlier in the session. The French CAC 40 Index and the German DAX Index are falling 0.9 percent and 0.7 percent, respectively, while the U.K.’s FTSE 100 Index is posting a modest loss.

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Posted in Categories: Economy, Eurozone, Japan, Releases, USA.

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