Market Overview

US Stock Futures Tumble; All Eyes On P&G, Honeywell Earnings

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Pre-open movers

US stock futures tumbled in early pre-market trade, ahead of earnings from Procter & Gamble Company (NYSE: PG) and Honeywell International (NYSE: HON). Futures for the Dow Jones Industrial Average tumbled 115 points to 16,036.00, while the Standard & Poor's 500 index futures declined 13.70 points to 1,810.50. Futures for the Nasdaq 100 index slipped 27.25 points to 3,586.50.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index tumbling 3.09%, London's FTSE 100 index dropping 0.74% and STOXX Europe 600 Index falling 1.07%. German DAX 30 index declined 0.89% and French CAC 40 Index fell 1.33%.

Asian markets ended mostly lower today. Japan's Nikkei Stock Average fell 1.94%, China's Shanghai Composite gained 0.60%, Hong Kong's Hang Seng Index tumbled 1.25% and India's BSE Sensex slipped 1.12%.

Broker Recommendation

Analysts at Wunderlich upgraded BancorpSouth (NYSE: BXS) from “hold” to “buy.” The target price for BancorpSouth has been raised from $26 to $30.

BancorpSouth's shares closed at $24.86 yesterday.

Breaking news

  • Covidien PLC (NYSE: COV) reported upbeat fiscal first-quarter earnings. Covidien's quarterly earnings declined to $398 million, or $0.87 per share, versus $493 million, or $1.03 per share, in the year-ago period. To read the full news, click here.
  • Renren (NYSE: RENN) announced that Baidu Holdings Limited, a subsidiary of Baidu,. (NASDAQ: BIDU), Nuomi Holdings and Renren have entered into a definitive agreement, pursuant to which Baidu Holdings Limited will acquire Renren's remaining stake in Nuomi. To read the full news, click here.
  • The9 Limited (NASDAQ: NCTY) today announced that its subsidiary, Red5 Studios, and two shareholders have entered into share purchase agreements for the issue and sale of Series B Preferred Stock and common stocks of Red 5 to Shanghai Oriental Pearl Culture Development Co Ltd, respectively, for an aggregate of approximately $23 million consideration, subject to adjustment as set forth in the share purchase agreements. To read the full news, click here.
  • XenoPort (NASDAQ: XNPT) announced today the pricing of an underwritten registered public offering of 12,000,000 shares of its common stock at a price to the public of $6.00 per share. To read the full news, click here.

Posted-In: US Stock Futures WunderlichNews Eurozone Futures Global Intraday Update Markets

 

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