logo
  Join        Login             Stock Quote

Futures Fall On Global Growth Worries; Questcor (QCOR) Plunges

 September 24, 2012 09:08 AM
 


(By Balachander) U.S stock-index futures pointed to a lower open on Wall Street amid lingering worries about the global economic growth.

Mini Dow Industrial Average futures shed 45 points to 13,455. The Nasdaq futures fell 16 points to 2,836.50. Standard and Poor's 500 futures declined 5.90 points to 1,446.

Partly denting the sentiment was a report that Germany and France were struggling to agree on when to introduce a banking union for the euro-area. A territorial dispute between Japan and China is also contributing to the losses.

A report showed that the German Ifo business confidence index declined for a fifth straight month.

On the U.S. economic front, the Chicago Fed National Activity Index for August was a negative 0.87, down from a negative reading of 0.13 in July.

[Related -Google Inc (GOOG): Why Nest Labs Deal Is A Wakeup Call For Apple Inc.?]

At 10 am, the Dallas Fed manufacturing survey may show the general business index read a negative -1.20 in September.

On Friday, U.S. stocks closed on a mixed note, paring gains amid hopes that Spain could seek a bailout package shortly.

Hot Stocks Of The Day: AAPL, LEN, QCOR, DFS, CTB, RHT, PAYX

In corporate news, Apple Inc. (NASDAQ:AAPL) fell 1.84 percent in premarket. The world's most valuable technology company said it has sold over five million of its new iPhone 5, just three days after its launch on September 21. Since the release of the original iPhone in January 2007, sales have grown to represent more than 40 percent of Apple's total revenue.

[Related -Apple Inc. (NASDAQ:AAPL): Why Gross Margins Will Expand In 2014 and Beyond?]

Lennar Corp. (NYSE:LEN) added 6.48 percent in premarket after the homebuilder reported a jump in quarterly earnings, helped by sharp rise in revenue, increased deliveries and stronger gross margins.

Questcor Pharmaceuticals Inc. (NASDAQ:QCOR) plunged 23.66 percent in premarket after the company disclosed in a filing that the U.S. government was probing its promotional practices.

Discover Financial Services (NYSE:DFS) may be in focus after the payment services company agreed to resolve matters related to the marketing of certain credit protection products sold by telephone.

Cooper Tire & Rubber Co. (NYSE:CTB) rose 2.66 percent in premarket. Shares of the maker of replacement tires were upgraded to "Buy" by Deutsche Bank.

Red Hat Inc. (NYSE:RHT) may be focus ahead of its quarterly report. The provider of open source software services is expected to earn cents 29 cents a share on revenue of $322.1 million for the second quarter.

Paychex Inc. (NASDAQ:PAYX) is expected to post earnings per share of 42 cents for the first quarter on revenue of $584 million.

Global Markets:

European markets traded in red, with Germany's DAX down 0.70 percent to trade at 7,399.80. France's CAC40 shed 1.12 percent to trade at 3,491.20. U.K.'s FTSE 100 declined 0.54 percent to trade at 5,821.17.
      
Asian markets closed mixed, with China's Shanghai Stock Exchange Composite Index added 0.32 percent to finish at 2,033.19. Japan's Nikkei 225 fell 0.45 percent to end at 9,069.29. Hong Kong's Hang Seng Index shed 0.19 percent to close at 20,694.70. India's BSE Sensex closed at 18,673.34, down 0.42 percent.

Commodity & Currency Scan:

Ahead of the opening bell, crude oil futures lost 1.07 percent to $91.90 per barrel. Gold futures retreated 0.94 percent to $1,761.3 per ounce.
      
In the currency market, the euro dropped 0.60 percent against the U.S. dollar to 1.2903 and the British pound edged 0.18 percent lower to 1.6199. The dollar slipped 0.18 percent against the Japanese yen to 78.0300.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article image3 US Updates Show Ongoing Growth

Three economic updates today provide more evidence that moderate growth endures for the US. The numbers du read on...

article imageBuy These Solar Stocks Before They Snapback

Sometimes the market hands you a gift. And it would be foolish not to take it. Thanks to general market read on...

article imageInvestors Are Even More Euphoric And Confident.

As noted on the blog last Thursday, even though the market had been down for three straight weeks, last read on...

article imageThe Butterfly Machine

There’s a phenomenon called the Butterfly Effect. One common quotation is “It has been said that something read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.