(By Salman - iStockAnalyst Writer)
US stock futures were volatile ahead of opening bell on Friday. A government report showed that the US unemployment rate hit a 25 year high of 8.1% in February.
At 8:36 am ET, Standard & Poor's 500 Index futures fell 0.90 points to 685.20. Dow Jones Industrial Average futures decreased 5 points to 6626. Nasdaq Composite Index futures declined 1.25 points to 1081.75.
A Labor Department release on Friday showed the economy shed 651,000 jobs in February, worse than the 650,000 job losses expected by economists. The unemployment rate shot up to 25 year high of 8.1% in February from 7.6% in January. Economists had projected a reading of 7.5%.
Wells Fargo & Co. (NYSE: WFC) on Friday cut its quarterly dividend by 85% to 5 cents a share from 34 cents a share in order to save $5 billion annually. Chief Executive Officer John Stumpf said in a statement "The actions we're taking every day to build our company and to strengthen our balance sheet...are the right thing to do in any event for our shareholders, customers, and team members and these actions will help us repay the government's investment at the earliest practical date."
Early on Friday, H&R Block Inc. (NYSE: HRB) reported that its fiscal third-quarter net income totaled $47.4 million, or 14 cents a share compared to a loss of $47.4 million, or 14 cents a share, in the prior year quarter. Revenue jumped 11% to $993.5 million, surpassing analysts' expectations of $975.3 million.
AnnTaylor Stores Corp. (NYSE: ANN) posted a wider fourth-quarter loss of $375.6 million, or $6.66 a share, compared to a loss of $6.67 million, or 11 cents, in the year ago quarter. Revenue slipped to $483.4 million from $600.8 million.
Marvell Technology (NASDAQ: MRVL) posted a fourth-quarter loss of $65 million or 11 cents a share, compared to profit of $1.3 million or break-even a share in the comparable period of last year. On an adjusted basis, the company earned 5 cents a share in the latest quarter. Revenue slumped to $512.9 million from $844.7 million.
On the front of economic data, consumer credit data for the month of January is scheduled for release at 14:00 am ET.
European stocks advanced in afternoon trade. At 13:47 pm London time, the U.K. FTSE rose 27.47 points or 0.82% to 3,588.72. The German DAX and French CAC dropped 2.74% and 2.14% respectively.
Asian stocks finished lower. The Nikkei 225 fell 260.39 points or 3.50% to 7,173.10. The Hang Seng index of Hong Kong dropped 289.72 points or 2.37% to 11,921.52.
NYMEX crude oil for April delivery climbed $1.15, or 2.6% to $44.76 a barrel.
Disclosure: Author does not own any of the stocks discussed here.
