U.S. futures are pointed sharply higher premarket on Tuesday, the first session of a holiday-shortened week of trading.
Asian markets led the way higher with the Shanghai Composite closing trading 3.3% in the green on Tuesday. The Hang Seng and Nikkei also rose, finishing up 1.1% and 0.2%, respectively. European stocks are also rising today.
Crude oil prices climbed after four of the world's top oil producers -- Russia, Saudi Arabia, Qatar and Venezuela ¿ agreed to freeze output at January levels in an attempt to stabilize an oversupplied market.
West Texas crude contracts for March delivery were up $0.41 to $29.85 on the Nymex. International benchmark Brent crude prices were up $0.37 to $33.76 per barrel. Oil prices have pared some of their earlier gains, however, as the specter of recently unsanctioned Iranian oil supplies hitting the market looms.
General Electric (GE) will be exploring potential business opportunities involving crude products from Iran, according to a company spokeswoman. Lorenzo Simonelli, CEO of GE Oil & Gas, visited the country last month as international sanctions against the country continue to be lifted allowing for foreign investment.
In U.S. securities news, food producer Hormel (HRL) was rising premarket after the company topped analysts' first quarter bottom line expectations. The company also raised its full-year earnings guidance to between $1.50 and $1.56 per share from its previous view between $1.43 and $1.48 per share.
[Read Bruce Kamich's take on Hormel.]
Shares of home security systems provider ADT (ADT) were spiking nearly 54% today after the company agreed to be purchased by Apollo Global Management (APO) for about $6.94 billion. ADT shareholders will receive $42 per share they own, a 56% upside from the stock's Friday closing price. The deal, which still needs shareholder approval, is expected to close by June.
Chinese online retail site Alibaba (BABA) purchased a 5.6% stake in American e-commerce website Groupon (GRPN). News of the deal sent Groupon's stock soaring 17.7% on Tuesday. The purchase makes Alibaba Groupon's fourth-largest shareholder.
Public Storage (PSA) is scheduled to release its quarterly results after the closing bell today. Analysts expect the company to increase profits and revenue over the previous year to $2.42 a share and $574.93 million respectively. During the same quarter last year, the company earned $2.17 a share on revenue of $529.2 million.
Other securities releasing earnings results after the closing bell today include Express Scripts (ESRX), The Cheesecake Factory (CAKE) and First Energy (FE).