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Futures Retreat On 'Fiscal Cliff', Europe Worries; Microsoft (MSFT) Drops

 November 13, 2012 09:15 AM
 


(By Balachander) U.S. stock index futures pointed to a lower open on the Wall Street as concerns about the looming fiscal cliff and eurozone worries dented sentiment.

Mini Dow Industrial Average futures shed 67 points to 12,713. The Nasdaq futures dropped 19.75 points to 2,561.25. Standard and Poor's 500 futures fell 8.50 points to 1,369.70.

On Monday, U.S. stocks closed on a flat note as concerns over the looming cliff contributed to the weakness. Investors weighed on the so-called fiscal cliff of roughly $600 billion in spending cuts and tax increases that could weigh on economic growth. Last week, President Barack Obama called for higher taxes on wealthy Americans to address the deficit.

[Related -Microsoft Corporation (MSFT) Earnings Preview: What To Watch In Q2 Results?]

In other news, euro-area finance ministers failed to reach agreement with the International Monetary Fund on releasing next bailout tranche to Greece. The eurogroup will meet again next week to finalize the payment of the next tranche of aid for Greece. On Sunday, the Greek government passed a new round of austerity package. 

Hot Stocks Of The Day: HD, MSFT, WFT, KORS, DKS, HOLX, IART, AKS

In corporate news, Home Depot Inc. (NYSE: HD) rose 1.78 percent in premarket after the home improvement retailer posted third-quarter results that came in better than expected and raised its full-year forecast.

[Related -Microsoft Corporation (MSFT): Good Buy or Good-Bye?]

Microsoft Corp. (NASDAQ: MSFT) dropped 4.36 percent in premarket after the world's largest software maker said Windows President Steven Sinofsky is leaving the company, effective immediately.

Weatherford International Ltd (NYSE: WFT) slumped 9.19 percent in premarket after the drilling equipment provider reported weaker-than-expected revenue for the third quarter.

Michael Kors Holdings Ltd. (NYSE: KORS) posted a jump in quarterly earnings, bolstered by strong results across each of its retail, wholesale and licensing segments and that the apparel retailer boosted its 2013 guidance. Shares, however, retreated 3.62 percent in premarket after the company's increased 2013 sales forecast trailed market expectations.

Dicks Sporting Goods Inc. (NYSE: DKS) jumped 4.62 percent in premarket after the Coraopolis, Pennsylvania-based sporting goods retailer lifted its earnings forecast following stronger-than-expected quarterly profit.

Hologic Inc. (NASDAQ: HOLX) declined 2.89 percent in premarket after the company guided first quarter and fiscal 2013 below Wall Street view.

Integra Lifesciences Holdings Corp. (NASDAQ: IART) said its unit has received a warning letter from the U.S. Food and Drug Administration (FDA) related to quality systems issues at its manufacturing facility located in Andover, England.

AK Steel Holding Corp. (NYSE: AKS) retreated 10.99 percent in premarket after the West Chester, Ohio-based maker of flat-rolled carbon steels forecast a loss for the fourth quarter and said it has commenced a registered offering of 25 million shares.

Global Markets:

European markets traded in red, with Germany's DAX down 0.73 percent to trade at 7,116.24. France's CAC40 shed 0.52 percent to trade at 3,393.95. U.K.'s FTSE 100 declined 0.50 percent to trade at 5,738.36.

Among Asian markets, China's Shanghai Stock Exchange Composite Index slumped 1.51 percent to finish at 2,047.89. Japan's Nikkei 225 dropped 0.18 percent to end at 8,661.05. Hong Kong's Hang Seng Index plunged 1.13 percent to end at 21,188.65. India's BSE Sensex closed at 18,618.87, down 0.28 percent.

Commodity & Currency Scan:

Ahead of the opening bell, crude oil futures fell 0.53 percent to $85.12 per barrel. Gold futures dipped 0.16 percent to $1,728.10 per ounce.

In the currency market, the euro slipped 0.13 percent against the U.S. dollar to 1.2695, while the British pound inched up 0.03 percent to 1.5882. The dollar shed 0.04 percent against the Japanese yen to 79.4600.

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