US Stock Futures Tumble; All Eyes On P&G, Honeywell Earnings - Baidu (NASDAQ:BIDU)

Pre-open movers

US stock futures tumbled in early pre-market trade, ahead of earnings from Procter & Gamble Company

and Honeywell International

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

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 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 RENN announced that Baidu Holdings Limited, a subsidiary of Baidu,. 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 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 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.

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