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U.S. Futures Fall On Greece Worries; Hot Stocks Of The Day: DELL, HRL, BIG, MS, HPQ, AEO

 May 23, 2012 09:11 AM
 


(By Balaseshan) US stock-index futures pointed to lower open on the Wall Street, weighed by renewed worries that Greece may exit the euro region and disappointing quarterly results from Dell (DELL). Mini Dow industrial average futures dropped 86.00 points to 12,391.00. The Nasdaq Futures fell 21.75 points to 2,513.50. Standard and Poor's 500 futures shed 10.70 points to 1,304.10.

On the US economic front, the National Association of Realtors will release its report on new home sales for April at 10 am ET. Economists expect new home sales of 335,000 for the month. The Federal House Finance Agency is set to release its April house price index at 10 am ET, where economists expect a 0.4 percent increase.

In addition, the Energy Information Administration is scheduled to release its weekly crude oil and gasoline inventories report for the week ended May 18 at 10:30 am ET. Economists forecast crude oil inventories of 950,000 and gasoline inventories of negative 471,000.

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The Congressional Budget Office reportedly said America's economy would slip back into recession next year if the Congress fails to address an impending "fiscal cliff" and necessary budget measures aren't taken.

In Greece, former Prime Minister Lucas Papademos said preparations are being made for Greek exit from euro. The European Union leaders are meeting in Brussels later to discuss the sovereign-debt crisis and rescue the euro in the wake of the threat posed by the probability of Greece exiting the single currency.

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On Tuesday, U.S. stocks reversed gains to end on a mixed note amid renewed worries over Greece following reports that the debt-plagued nation may exit the euro region.

Hot Stocks Of The Day: DELL, HRL, BIG, MS, HPQ, AEO

In corporate news, Dell Inc. (NASDAQ:DELL) shares fell 13 percent in premarket after the PC maker reported quarterly earnings and revenue that trailed market expectations amid drop in gross margins. Gross margin contracted to 22.0 percent from 23.4 percent on a non-GAAP basis.

Hormel Foods Corp. (NYSE:HRL) shares grew 2.77 percent in premarket after the meat and food products producer reported a 17 percent rise in quarterly earnings on sales gains at four of its five segments, and the company backed its forecast for the year. Hormel Foods believes continued weaker pork operating margins will be more than offset by stronger results from its other segments.

Big Lots Inc. (NYSE:BIG) shares dropped 6.58 percent in premarket after the closeout retailer reported a decline in first quarter earnings due to higher expenses. Adjusted earnings and revenue missed Street's expectations. Further, the company guided second quarter earnings below consensus.

Morgan Stanley (NYSE:MS) stock declined 2.03 percent in premarket after a Massachusetts regulator reportedly subpoenaed the investment bank over its handling of Facebook Inc.'s (NASDAQ:FB) initial public offering.

Hewlett-Packard Co. (NYSE:HPQ) shares decreased 3.12 percent in premarket ahead of the PC maker's second quarter results after the market closes. Street analysts are expecting HP to earn 91 cents a share on revenue of $29.92 billion.

American Eagle Outfitters (NYSE:AEO) shares tumbled 2.22 percent in premarket after the retailer's first quarter sales missed Street's expectations.

Global Markets:

The European markets traded sharply lower, with Germany's DAX fell 1.59 percent to trade at 6,333.00. France's CAC40 slumped 2.32 percent to 3,012.60. Britain's FTSE 100 dropped 1.84 percent to 5,304.09.

Asian markets closed on a negative note ahead of European Union meeting. The Shanghai Composite Index dipped 0.42 percent to end at 2,363.44. Hong Kong's Hang Seng fell 1.33 percent to close at 18,786.19. Japan's Nikkei 225 slumped 1.98 percent to close at 8,556.60. India's BSE Sensex finished at 15,948.10, down 0.47 percent.

Market Scan:

Ahead of the opening bell, crude oil futures shed 0.77 percent to $91.14 per barrel. Gold futures fell 1.06 percent to $1,559.90 per ounce.

In the currency market, the euro eged 0.20 percent lower against the U.S. dollar to 1.2659, and the British pound dipped 0.25 percent against the greenback to 1.5721. The dollar shed 0.71 percent against the Japanese yen to 79.3900.

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