Market Overview

US Stock Futures Tumble; Citigroup Earnings In Focus

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US Stock Futures Tumble; Citigroup Earnings In Focus

Pre-open movers

US stock futures traded lower in early pre-market trade, ahead of earnings from Citigroup Inc. (NYSE: C). Data on weekly jobless claims, the producer price index for December and the Empire State manufacturing index for January will be released at 8:30 a.m. ET. The general conditions index of the Philadelphia Fed's Survey for January will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average tumbled 99 points to 17,266.00, while the Standard & Poor's 500 index futures fell 14.10 points to 1,993.10. Futures for the Nasdaq 100 index dropped 27.75 points to 4,117.75.

A Peek Into Global Markets

European markets were mixed today, with the Spanish Ibex Index falling 0.12%, STOXX Europe 600 Index rising 0.74% and German DAX 30 index gaining 0.34%. French CAC 40 Index slipped 0.04% and London's FTSE 100 Index fell 0.25%. Eurozone trade surplus widened to EUR20 billion ($23.6 billion) in November, versus EUR16.5 billion in the year-ago month.

In Asian markets, Japan's Nikkei Stock Average rose 1.86%, Hong Kong's Hang Seng Index climbed 0.99%, China's Shanghai Composite Index jumped 3.54% and India's Sensex jumped 2.66%.

Broker Recommendation
Analysts at Evercore ISI upgraded Groupon, Inc. (NASDAQ: GRPN) from Sell to Hold. The price target for Groupon has been raised from $6.50 to $8.

Groupon's shares closed at $7.37 yesterday.

Breaking news

  • Shares of Lennar Corp. (NYSE: LEN) surged more than 1.5% in pre-market trading after the company reported better-than-expected earnings for the fourth quarter. To read the full news, click here.
  • The Eastern Company (NASDAQ: EML) rejected a $19.23 per share cash and stock bid Wednesday from Synalloy Corporation (NASDAQ: SYNL). To read the full news, click here.
  • Southwestern Energy Company (NYSE: SWN) priced its previously announced concurrent underwritten public offerings of 26,086,957 shares of its common stock at a price of $23.00 per share and 30,000,000 depositary shares, each of which represents a 1/20th interest in a share of Southwestern Energy's 6.25% Series B Mandatory Convertible Preferred Stock, with a liquidation preference of $1,000 per share, at a price of $50 per depositary share on January 14, 2015. To read the full news, click here.
  • On Wednesday, Adobe Systems Incorporated (NASDAQ: ADBE) announced a new stock repurchase program granting the company the authority to repurchase up to $2.0 billion in common stock through the end of fiscal 2017. To read the full news, click here.
 

Related Articles (LEN + GRPN)

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Posted-In: Evercore ISI US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

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