Stock futures trim gains after Empire State results

Stock futures trimmed early gains after the Empire State manufacturing index came in below expectations; the S&P, Dow and Nasdaq are all +0.1%.

European markets trade broadly lower after a disappointing reading on German economic sentiment; Asian markets closed mixed, but Japan's Nikkei rallied 3% after the BOJ said it would double incentives designed to increase bank lending.

Forest Labs +30% premarket after Actavis confirms it will buy its rival for $25B in cash and stock; Coca-Cola -2.5% as Q4 revenues fell short of estimates.

Treasurys are modestly higher to start the day, with the 10-year yield off one basis point at 2.74%.

Still ahead: NAHB housing index.

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