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 (NYSE:DD) (-3.2%) beats by 2 cents, revises FY EPS to straddle Street mean.
(-) Caterpillar (NYSE:CAT) (-5.5%) beats but lowers FY outlook.
(-) Merck (NYSE:MRK) (-4.4%) misses by 3 cents.
(-) Bank of New York Mellon (NYSE:BK) (-7.9%) misses Q1 expectations.
(-) AK Steel (NYSE:AKS) (-1.4%) misses with Q1 sales, loss is narrower than Street expectations.
(-) Huntington Bancshares (NASDAQ:HBAN) (-29%) tumbling after Q1 results disappoint.
(-) Broadcom (BRCM) (-8.9%) reports GAAP loss but guides above Street, makes offer for Emulex.
(-) IBM (NYSE:IBM) (-2%) continues evening slump that followed revenue miss, guidance confirmation.
(-) Coca-Cola (NYSE:KO) (-1.4%) misses Q1 earnings expectations, revenue shy.
(+) Tenet Healthcare) (THC (+33%) preliminary Q1 results beat.
(+) Emulex (NYSE:ELX) (+42.8%) gets offer from Broadcom (BRCM).
(+) Coach (NYSE:COH) (+8.9%) initiates dividend.
(+) Lexmark (NYSE:LXK) (flat) beats earnings expectations, misses with revs.
(+) TD Ameritrade (NASDAQ:AMTD) (-1%) meets with Q2 earnings, beats with revs and guides in line.
(+) United Technologies (NYSE: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 (NYSE:C) and Bank of America (NYSE: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 (NASDAQ:YHOO) and Advanced Micro Devices (NASDAQ:AMD) report results.
U.S. PRE-MARKET INDICATORS