US Stock Futures Mixed (PFE, TEVA, GSK, NKE, NVS, FDX)
US stock futures were mixed today as investors got fidgety on concerns surrounding the duration of a recent rally. The reluctance of Eurozone nations to support debt-reduction initiatives in Greece also heightened investor concerns. While futures on S&P 500 lost 1.2 points to 1,159.80, those on Nasdaq 100 moved down half a point to 1,933.50. Meanwhile, Dow Jones Industrial Average futures added 1 point.
Although the US market continued to gain yesterday, some analysts and investors seem to believe that the rally is breathing its last. The downgrade in rating by Citigroup Inc (NYSE: C) for the global financial sector to “neutral” from “overweight” seems to back this thought.
Today, investors are awaiting data on weekly jobless claims and February consumer prices. The Philly Fed index for March and February leading indicators are also scheduled to be released today.
On the corporate front, Pfizer (NYSE: PFE), Teva Pharmaceutical (NASDAQ: TEVA), Nike (NYSE: NKE), GlaxoSmithKline (NYSE: GSK), FedEx (NYSE: FDX) and Novartis (NYSE: NVS) may be in focus today. While PFE lost to TEVA in the auction for German generic drugmaker Ratiopharm, NKE more than doubled its FQ3 profits. Meanwhile, NVS relinquished its US rights to a generic version of GSK's Advair. Although FDX hiked its FQ4 earnings guidance, it increased its investment in Boeing 777s and reinstated its employee compensation programs. Both these are likely to dampen FDX’s earnings growth in FQ4 and next year.
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