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Showing posts with label Stock. Show all posts
Showing posts with label Stock. Show all posts
Stock futures showed little loss
"We're in a post-earnings season environment, and it would take a pretty major catalyst to move us significantly higher from here," said Art Hogan, managing director at Lazard Capital Markets in New York.
Dow Jones industrial average futures fell 30 points and Nasdaq 100 futures dipped 2 points.
The S&P's 50-day moving average, currently at 1,692.77, could serve as a support level in any market decline.
A number of analysts downgraded the stock.
Cognizant Tech (CTSH.O) rose 4.9 percent to $77 in premarket trading after reporting a 20 percent rise in second-quarter revenue, while Fossil Group Inc (FOSL.O) rose 9.2 percent to $117.31 after its results.
Archer Daniels Midland (ADM.N) reported a drop in profits as U.S. crop supplies tightened, the sending shares 1.4 percent lower to $37.33 in premarket trading.
Of the 391 companies in the S&P 500 that reported earnings for the second quarter through Monday, 67.8 percent have topped analysts' expectations, in line with the average beat over the past four quarters, data from Thomson Reuters showed. The firm cut its price target on the Dow component by $25 to $175.
Shares of IBM fell 1.4 percent to $192.80.
The U.S. trade deficit narrowed sharply in June to its lowest level in more than 3-1/2 years as imports reversed the prior month's spike, suggesting an upward revision to second-quarter growth.
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Sony experienced decline
Jonathan Krinsky, the chief technical market analyst at Miller Tabak, published a note Monday saying that the New York Stock Exchange composite volume on Monday was running 22% below Friday's pace, which had already been 17% below Thursday's pace. Futures for the Dow Jones Industrial Average were falling 13 points, or 9.13 points below fair value, to 15,541. Futures for the Nasdaq were up 0.25 points, or 1.14 points below fair value, to 3,136.25.
Sony (SNE_) was slumping 3.95% to $20.90 after the company's board unanimously rejected a proposal from U.S. hedge fund manager Daniel Loeb, CEO of Third Point, that the Japanese company sell part of its entertainment business. Sony, in a letter to Loeb, said continuing to own 100% of Sony Pictures and Sony Music is "fundamental" to the company's success.
Third Point owns about 6.5% of Sony was slipping 1.05% to $562.73 in premarket trading. Icahn's latest purchase makes him the second-largest shareholder of Dell shares behind founder and CEO Michael Dell, who owns about 14% of the company.
The company spun off its publishing segment into a separate publicly traded company on July 1. The publishing company has retained the name News Corp.
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