(By Salman - iStockAnalyst Writer) US stock futures pointed to a downbeat start Friday after Dell Inc. reported disappointing quarterly profit and sales that badly missed Wall Street's forecasts.
At 8:31 am ET, the S&P 500 futures slumped 6.90 points to 1087.40. The Dow Jones Industrial average futures dropped 62 points to 10265. The Nasdaq Composite futures fell 9.75 points to 1760.50.
Early on Friday, D.R. Horton Inc. (NYSE:
DHI) said that fiscal fourth quarter narrowed to $231.9 million, or 73 cents per share, compared with a loss of $799.9 million, or $2.53 per share, in the year-earlier quarter. Revenue slid 42 percent to $1.01 billion.
J.M. Smucker (NYSE:
SJM) said that its second-quarter profit more than doubled to $140 million, or $1.18 per share, compared with $51.5 million, or 94 cents per share, in the comparable quarter last year. Revenue increased to $1.28 billion from $843.1 million.
Ann Taylor Stores Corp. (NYSE:
ANN) said Friday that it swung to a third-quarter profit of $2.07 million, or 3 cents a share, from a loss of $13.4 million, or 24 cents, in the corresponding quarter last year. On an adjusted basis, the company earned 20 cents a share. Revenue decreased to $462.4 million from $527.2 million.
Late on Thursday, Dell Inc. (NASDAQ:
DELL) reported that third quarter net income dropped 54 percent to $337 million, or 17 cents per share, from $727 million, or 37 cents a share, in the same period a year ago. Revenue slumped 15 percent to $12.9 billion. Shares of pc maker plunged in pre-market trading.
Clothing retailer Gap Inc. (NYSE:
GPS) reported that its third-quarter net income rose to $307 million, or 44 cents a share, from $246 million, or 35 cents a share, in the prior-year quarter. Revenue rose 1% from last year's quarter to $3.59 billion.
Novellus Systems (NASDAQ:
NVLS) on Thursday narrowed its revenue and earnings-per-share forecast for the fourth quarter. The chip equipment maker said it now expects revenue in the range of $225 million to $245 million, compared with a prior outlook in the range of $215 million to $245 million. Novellus expects earnings per share in the range of 25 cents a share to 40 cents a share, compared with a previous range of 20 cents a share to 40 cents a share.
Nike Inc. (NYSE:
NKE) raised its quarterly dividend by 8% to 27 cents a share from 25 cents. The dividend will be paid on Jan. 4 to shareholders of record at the close of business on Dec. 7.
On the economic front, no major report is due for release on Friday.
US stocks declined on Thursday after BofA-Merrill Lynch analysts downgraded the semiconductors industry, sending technology stocks lower.
European stocks retreated in afternoon trade. At 12:04 pm London time, the UK FTSE lost 14.85 points or 0.28% to 5,252.85. The German DAX and French decreased 0.35% and 0.51% respectively.
Asian stocks finished lower. The Nikkei 225 fell 51.79 points or 0.54% to 9,497.68. The Hang Seng index of Hong Kong slipped 187.32 points or 0.83% to 22,455.84.
NYMEX crude oil for December delivery declined as much as 55 cents or 0.7% to $76.91 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
