(By Salman - iStockAnalyst Writer) US stock futures retreated on Monday as investors paused for breath after Monday's sharp rally which pushed the Dow Jones industrial average to its highest level this year.
At 8:21 am ET, the S&P 500 futures fell 4 points to 1087.70. The Dow Jones Industrial average futures dropped 30 points to 10162. The Nasdaq Composite futures declined 3 points to 1763.50.
Late on Monday, video game publisher Electronic Arts (NASDAQ:
ERTS) reported fiscal second quarter net loss of $391 million, or $1.21 a share, wider than the loss of $310 million, or 97 cents a share, in the same quarter last year. Revenue slumped 12 percent to $788 million from $894 million. The company announced that it would cut 1,500 jobs or 15% of its global workforce and shrink its product lineup. Electronic Arts also said that it has agreed to acquire Playfish, maker of social network games like Pet Society and Restaurant City, for $275 million in cash and $25 million in equity.
MBIA Inc. (NYSE:
MBI) on Monday posted a narrower third quarter loss of $727.8 million, or $3.50 a share, compared to a loss of $806.5 million, or $3.42 a share, in the prior-year quarter.
Priceline.com Inc. (NASDAQ:
PCLN) said its third-quarter profit climbed to $319 million, or $6.42 a share, from $84.5 million, or $1.74 a share, in the comparable period last y. On an adjusted basis, the company earned $3.45 a share in the latest quarter. Revenue climbed to $730.7 million from $561.6 million.
Fluor Corp. (NYSE:
FLR) reported that its third-quarter net income declinedto $162 million, or 89 cents a share, from $182 million, or $1 a share, in the year-ago quarter. Revenue slipped 4% to $5.4 billion
Sprint Nextel (NYSE:
S), the third- largest US mobile-phone carrier, said Monday that it plans to cut between 2,000 and 2,500 jobs, or 6 percent of its work force, this quarter as part of an effort to cut annual expenses by at least $350 million.
Google (NASDAQ:
GOOG) on Monday announced that it has agreed to acquire AdMob, a mobile advertising start-up, for $750 million in stock.
On economic front, no major data is due for release on Tuesday.
US stocks rallied on Monday as dollar declined, sending stocks and commodities higher.
European stocks were mixed in afternoon trade. At 12:26 pm London time, the UK FTSE gained 9.38 points or 0.18% to 5,244.56. The German DAX increased 0.17% while French CAC slipped 0.03%.
Asian stocks finished up. The Nikkei 225 rose 61.74 points or 0.63% to 9,870.73. The Hang Seng index of Hong Kong jumped 60.61 points or 0.27% to 22,268.16.
NYMEX crude oil for December delivery declined as much as 14 cents to to $79.29 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
