U.S. PRE-MARKET INDICATORS
-Dow Industrial futures down 65 points.
-S&P 500 futures down 6 points.
-Nasdaq 100 futures down 7 points.
-Nasdaq-100 Pre-Market Indicator down 3.7 at 1305.67
Nikkei down 2.4%
Hang Seng down 3%
FTSE down 2%
PRE-MARKET SECTOR WATCH
(-) Large cap tech: mostly lower
(-) Chip stocks: lower
(-,+) Small cap stocks: mixed
(+,-) Drug stocks: mixed
(-,+) Software stocks: mixed
(-,+) Internet stocks: mixed
(-) Financial stocks: lower
(-) Auto stocks: lower
(+,-) Airline stocks: mixed
(-) Retail stocks: mostly lower
(-) DuPont (DD) (-3.2%) beats by 2 cents, revises FY EPS to straddle Street mean.
(-) Caterpillar (CAT) (-5.5%) beats but lowers FY outlook.
(-) Merck (MRK) (-4.4%) misses by 3 cents.
(-) Bank of New York Mellon (BK) (-7.9%) misses Q1 expectations.
(-) AK Steel (AKS) (-1.4%) misses with Q1 sales, loss is narrower than Street expectations.
(-) Huntington Bancshares (HBAN) (-29%) tumbling after Q1 results disappoint.
(-) Broadcom (BRCM) (-8.9%) reports GAAP loss but guides above Street, makes offer for Emulex.
(-) IBM (IBM) (-2%) continues evening slump that followed revenue miss, guidance confirmation.
(-) Coca-Cola (KO) (-1.4%) misses Q1 earnings expectations, revenue shy.
(+) Tenet Healthcare) (THC (+33%) preliminary Q1 results beat.
(+) Emulex (ELX) (+42.8%) gets offer from Broadcom (BRCM).
(+) Coach (COH) (+8.9%) initiates dividend.
(+) Lexmark (LXK) (flat) beats earnings expectations, misses with revs.
(+) TD Ameritrade (AMTD) (-1%) meets with Q2 earnings, beats with revs and guides in line.
(+) United Technologies (UTX) (+1.6%) backs FY guidance range that straddles Street mean.
After forfeiting an early pre-market bounce, stock futures remain under pressure, signaling at least a modest continuation of Monday's broad-market slump. Stocks appear to be at least consolidating a hefty six-week bounce from the 12-year lows hit in March.
Financial shares remain heavily traded, downside leaders as Wall Street reconsiders the recent rally in the sector with stress test results looming. Citi (C) and Bank of America (BAC) top volume tables, both last down near 6%.
Dow components dominated the earnings headlines.
DuPont (DD) lowered its 2009 earnings outlook after reporting a 59% profit fall. Caterpillar (CAT) beat but lowered its full-year guidance. Merck (MRK) cut its estimate for 2009 sales and delayed the filing of a migraine drug.
International Business Machines (IBM) continues its evening decline after it reported a 1% profit fall on a worse-than-forecast 11% sales decline.
Bank of New York Mellon (BK) fell after reporting a profit decline and slicing its dividend.
One of the rare advancers was Coach (COH) after it initiated a dividend.
United Technologies (UTX) is modestly firmer after it reports Q1 EPS of $0.78 compared to $1.03 a year earlier. Ex-items including restructuring costs and a tax benefit, EPS would have been $0.97 compared to $1.05 a year earlier. The Thomson Reuters mean analyst estimate, usually ex-items, was for $0.78, so it's not clear to which figure this best compares. Revenue was down 12% to $12.2 billion, in line with the Street view.
The company backs its FY EPS guidance at $4.00 to $4.50. The Street is at $4.20.
Some M&A news did emerge in pre-market trading as well. Emulex (ELX) got a $9.25/share bid from Broadcom (BRCM).
After the closing bell, Yahoo (YHOO) and Advanced Micro Devices (AMD) report results.
U.S. PRE-MARKET INDICATORS