Market Overview

US Stock Futures Signal Lower Start On Wall Street

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Pre-open movers

US stock futures declined in early pre-market trade. Futures for the Dow Jones Industrial Average tumbled 94 points to 15,081.00, while the Standard & Poor's 500 index futures fell 11.30 points to 1,687.70. Futures for the Nasdaq 100 index dropped 14 points to 3,211.50.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index falling 0.03%, London's FTSE 100 index gaining 0.13% and STOXX Europe 600 Index dropping 0.03%. German DAX 30 index declined 0.16% and French CAC 40 Index fell 0.15%.

Asian markets ended mixed today. China's Shanghai Composite climbed 0.43% and Australia's ASX/S&P500 dropped 0.43% and India's Sensex surged 0.38%. China's exports declined 0.3% y/y, versus economists' expectations for a 6% rise. China's CPI increased 3.1% in September, versus a 2.6% rise in August.

Broker Recommendation

Analysts at Canaccord Genuity downgraded Coach (NYSE: COH) from “buy” to “hold.” The target price for Coach has been lowered from $65 to $62.

Coach's shares closed at $54.59 on Friday.

Breaking news

  • Aratana Therapeutics (NASDAQ: PETX) today announced that it has entered into a merger agreement providing for the strategic acquisition of Vet Therapeutics, Inc., a San Diego-based company with a proprietary antibody-based biologics platform. To read the full news, click here.
  • Superior Energy Services (NYSE: SPN) today announced that third quarter 2013 earnings are expected to be in the range of $0.39 to $0.41 per diluted share. To read the full news, click here.
  • MannKind (NASDAQ: MNKD) today announced the resubmission on October 13, 2013 of a new drug application (NDA) to the U.S. Food and Drug Administration (FDA) seeking approval for the marketing and sale of AFREZZA® (insulin human [rDNA origin]) Inhalation Powder with an indication to improve glycemic control in adults with type 1 or type 2 diabetes. To read the full news, click here.
  • St. Jude Medical (NYSE: STJ) today announced the completion of its acquisition of Nanostim, Inc., a privately-owned developer of miniaturized, leadless pacemakers. To read the full news, click here.

Posted-In: Canaccord Genuity US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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