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Futures Fall After BOJ Policy Decision; Lululemon Athletica Inc. (LULU) Drops

 June 11, 2013 08:56 AM

(By Balachander) U.S. stock-index futures pointed to a lower opening on the Wall Street, weighed by decision from the Bank of Japan (BOJ) to keep its monetary policy unchanged. 

Mini Dow Industrial Average futures dropped 123 points to 15,105. The Nasdaq futures shed 28.50 points to 2,958.50. Standard and Poor's 500 futures fell 16 points to 1,626.10.

Japan's central bank said the economy was "picking up" and held off expanding April's stimulus measures. The BOJ raised its bond purchases program in April to around 7 trillion yen ($72.3 billion) a month. 

There are no major U.S. economic data scheduled to be released on Tuesday. 

Domestic economic reports of interest scheduled to be released over the week include: Federal budget balance, import prices, retail sales, weekly jobless claims, producer price index, industrial production and the University of Michigan consumer sentiment index. 

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On Monday, U.S. stocks ended on a flat note as investors weighed an upgrade of the the country's credit-rating outlook against uncertainty about the outlook of the Federal Reserve's stimulus measures. 


Texas Instruments Incorporated (NASDAQ: TXN) shed 1.69 percent in premarket after the maker of analog chips narrowed its earnings and revenue guidance ranges for the second quarter.

[Related -Lululemon Athletica inc. (LULU): Near-Term Risks Could Further Derail Investor Confidence]

Lululemon Athletica inc. (NASDAQ: LULU) plunged 14.44 percent in premarket after the maker of athletics and yoga apparel announced CEO transition plan and posted first-quarter results.

Sprint Nextel Corporation (NYSE: S) advanced 2.92 percent in premarket after Japan's Softbank raised its bid for the communications company to $21.6 billion from $20.1 billion. 

Navistar International Corp (NYSE: NAV) fell 1.05 percent in premarket after the maker of commercial and military trucks posted a loss for the second quarter as revenue dropped more than expected and its truck and engine segments recorded losses.

Questcor Pharmaceuticals Inc (NASDAQ: QCOR) jumped 16.81 percent in premarket after the company said it has acquired rights to develop Synacthen in the U.S. in a move to strengthen its presence in inflammatory and autoimmune disorders. 

Catamaran Corp (NASDAQ: CTRX) climbed 12.72 percent in premarket after the provider of pharmacy benefit management (PBM) services entered into a new 10-year prescription agreement with CIGNA Corporation (NYSE: CI).

Corinthian Colleges Inc (NASDAQ: COCO) retreated 15.05 percent in premarket after the post-secondary education company said it received a subpoena from the Securities and Exchange Commission (SEC) related to student information.

Diamond Foods, Inc. (NASDAQ: DMND) gained 2.05 percent in premarket after the packaged food company announced third-quarter results that topped Wall Street projections.

Dole Food Company, Inc. (NYSE: DOLE) spiked 24.02 percent in premarket after the distributor of fresh fruits and vegetables received an unsolicited buyout proposal from Chief Executive David Murdock, valuing the entire company at roughly $1.07 billion. 

Global Markets

European markets traded sharply lower, with Germany's DAX down 1.57 percent to trade at 8,176.88. France's CAC40 traded 1.81 percent lower at 3,794.34. The U.K.'s FTSE 100 dropped 1.61 percent to trade at 6,297.23.

Among Asian markets, Japan's Nikkei 225 lost 1.45 percent to finish at 13,317.62. Hong Kong's Hang Seng Index shed 1.20 percent to end at 21,354.66. India's BSE Sensex finished at 19,143, down 1.53 percent. China's Shanghai Composite Index was closed for a holiday.

Commodity & Currency Scan

Ahead of the opening bell, crude oil futures traded 1.28 percent lower at $94.54 per barrel. Gold futures shed 0.74 percent to $1,375.70 per ounce.

In the currency market, the euro rose 0.13 percent against the U.S. dollar to 1.3274 while the British pound fell 0.21 percent to 1.5539. The dollar slumped 1.89 percent against the Japanese yen at 96.8900.



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