US Stock Futures Tumble Ahead Of Economic Data
US stock futures dropped in early pre-market trading, ahead of economic data. Data on motor vehicle sales for February will be released today. Data on consumer spending for January will be released at 8:30 a.m. ET, while the PMI manufacturing index for February will be released at 8:58 a.m. ET. The ISM manufacturing composite index for February and construction spending data for February will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average tumbled 145 points to 16,162.00, while the Standard & Poor's 500 index futures fell 19.80 points to 1,837.80. Futures for the Nasdaq 100 index declined 39.50 points to 3,655.75.
A Peek Into Global Markets
European markets were lower today, with the Spanish Ibex Index dropping 2.03%, London's FTSE 100 index dropping 1.70% and STOXX Europe 600 Index declining 1.95%. German DAX 30 index fell 2.66% and French CAC 40 Index declined 2.37%. Euro-zone PMI for manufacturing dropped to 53.2 in February versus 54.0 in the earlier month. UK's manufacturing PMI climbed to 56.9 in February versus 56.6 in January.
Asian markets ended mostly lower today. Japan's Nikkei Stock Average declined 1.27%, Hong Kong's Hang Seng Index fell 1.47%, China's Shanghai Composite Index climbed 0.92% and India's BSE Index tumbled 0.82%. Japan's domestic auto sales rose 15% y/y in February. The HSBC China manufacturing PMI declined to 48.5 in February versus 49.5 in January.
Analysts at Credit Suisse upgraded RPM International (NYSE: RPM) from “neutral” to “outperform.” The price target for RPM International has been raised from $47 to $50.
RPM's shares closed at $41.86 on Friday.
- Magna International (NYSE: MGA) reported a 31% rise in its fourth-quarter profit and lifted its dividend. To read the full news, click here.
- Tyco (NYSE: TYC) today announced that it has signed a definitive agreement to sell Tyco Fire & Security Services Korea Co. Ltd. and its subsidiaries that form and operate the Company's South Korean security business to The Carlyle Group (NASDAQ: CG), in a cash transaction valued at approximately $1.93 billion. To read the full news, click here.
- Isis Pharmaceuticals (NASDAQ: ISIS) announced today that it has earned a $1 million milestone payment from GlaxoSmithKline (GSK) related to the initiation of an open-label extension study of ISIS-TTRRx, which is being offered to those patients with familial amyloid polyneuropathy (FAP) who have completed dosing in the Phase 2/3 study of ISIS-TTRRx. To read the full news, click here.
- UIL Holdings (NYSE: UIL) today announced that it has reached a definitive agreement to acquire assets and certain liabilities of Philadelphia Gas Works, the nation's largest municipally-owned natural gas utility, from the City of Philadelphia for $1.86 billion in cash. To read the full news, click here.
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