Join        Login             Stock Quote

Futures Dip Amid Budget Talks; Facebook (FB) Drops

 December 28, 2012 09:14 AM

(By Balachander) U.S. stock-index futures pointed to a lower opening on the Wall Street, as political leaders continue talks over reaching an agreement to avert the looming "fiscal cliff".

Mini Dow Industrial Average futures slid 64 points to 12,939. The Nasdaq futures dipped 13.75 points to 2,608.75. Standard and Poor's 500 futures fell 7.90 points to 1,402.80.

On Thursday, U.S. stocks cut sharp losses to end on a slightly lower note amid hopes that an agreement will be reached to address the "fiscal cliff". Stocks retreated sharply earlier in the day after U.S. Senate Majority Leader Harry Reid warned that a budget deal before Jan. 1 appears unlikely. Reid said it looks like the country is headed over the fiscal cliff.

[Related -Yahoo! Inc. (NASDAQ:YHOO): What Will Drive Future Revenue For Yahoo!?]

President Barack Obama and U.S. House Speaker John Boehner are negotiating to address the so-called "fiscal cliff" of roughly $600 billion in spending cuts and tax increases set to begin in January.

Majority Leader Eric Cantor tweeted on Thursday that the House will return for legislative business on Sunday, December 30. He added the House may be in session through Jan. 2

On the data front, a report may show pending home sales for November rose 1.0 percent following a 5.2 percent increase in October. The Chicago Purchasing Managers' Index (PMI) is expected to show a reading of 51.0 in December from 50.4 last month.

Hot Stocks Of The Day: FB, UAL, SNCR, MHR, CALL

[Related -Linkedin Corp (NYSE:LNKD): New Marketing Efforts Should Improve Ad Sales]

In corporate news, Facebook Inc. (NASDAQ: FB) retreated 1.57 percent. Facebook-owned Instagram may have lost roughly 25 percent its users after a recent policy change, New York Post reported, quoting AppData.

United Continental Holdings Inc. (NYSE: UAL) dropped 1.47 percent in premarket. The company estimates its consolidated system available seat miles (ASMs) to fall 4.2 percent in the fourth quarter due to superstorm Sandy.

Synchronoss Technologies Inc. (NASDAQ: SNCR), a provider of on-demand transaction management solutions, has acquired NewBay from the BlackBerry maker Research In Motion Ltd. (NASDAQ: RIMM) for $55.5 million in cash.

Magnum Hunter Resources Corp. (NYSE: MHR) gained 2.38 percent in premarket after reporting production results from two new Eagle Ford Shale wells.

magicJack VocalTec Ltd. (NASDAQ: CALL) jumped 9.03 percent in premarket after the provider of voice-over-Internet-Protocol products raised its outlook for the fourth quarter and full year. The company also named Gerald Vento as President and CEO effective Jan. 1.

Global Markets

European markets traded in red, with Germany's DAX down 0.57 percent to trade at 7,612.39. France's CAC40 declined 0.93 percent to trade at 3,638.14. The U.K.'s FTSE 100 shed 0.64 percent to trade at 5,916.

Asian markets ended in green, with China's Shanghai Stock Exchange Composite Index up 1.24 percent to finish at 2,233.25. Japan's Nikkei 225 rose 0.70 percent to close at 10,395.18. Hong Kong's Hang Seng Index advanced 0.21 percent to end at 22,666.59. India's BSE Sensex ended at 19,444.84, up 0.63 percent.

Commodity & Currency Scan

Ahead of the opening bell, crude oil futures gained 0.17 percent to $91.02 per barrel. Gold futures fell 0.32 percent to $1,658.40 per ounce.

In the currency market, the euro shed 0.23 percent against the U.S. dollar to 1.3206, while the British pound added 0.24 percent to 1.6139. The dollar slid 0.10 percent against the Japanese yen to 86.0100.

iOnTheMarket Premium


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

rss feed

Latest Stories

article imageGermany Is On The Rebound - Time To Buy?

Based on this year's 17% spike in the Stoxx Europe 600 Index, it seems investors have found a home in read on...

article imageIs Drought Risk In The American West An Economic Threat?

The historic and ongoing drought in California is getting harder to ignore in terms of its potential impact read on...

article imageFunds Behaving Badly

Discipline is still the key to read on...

article imageGenuine Parts Co. (GPC): This Company's Raised Dividends For 59 Years

There are 253 million cars and trucks driving along U.S. roads. And the average age of those automobiles is read on...

Popular Articles

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.