Stock Futures Slip Ahead of Earnings
Posted on: Monday, 23 October 2006, 09:00 CDT
LONDON - U.S stock futures edged lower Monday as the market awaited earnings from the likes of Ford Motor Co., Texas Instruments and AT&T and as investors looked ahead to a Federal Reserve meeting and growth data later in the week.
Dow Jones futures were recently down 2 points, S&P 500 futures slipped 1.9 points and Nasdaq futures dipped 0.8 points.
U.S. stocks ended mixed Friday, after a profit warning from Caterpillar Inc. wrapped up an otherwise largely positive week for earnings news.
With little on the economic agenda Monday, investors will look ahead to a Federal Open Market Committee meeting Tuesday and Wednesday and to gross domestic product data at the end of the week, which economists expect to have slowed further in the third quarter.
Among currencies, the dollar strengthened, gaining 0.5 percent against the yen at 119.19, with the euro sliding 0.4 percent at $1.2564.
Crude-oil futures slipped, with the December contract falling 64 cents at $58.69 a barrel in electronic trading as the market remained unfazed by OPEC's plan to cut output.
Among companies due to report Monday, Ford is expected to turn in a loss of 61 cents a share on sales of $32.03 billion, with the North American business forecast to take another big hit.
AT&T is expected to earn 58 cents a share on revenue of $21.3 billion.
Amgen Inc. is likely to post higher third-quarter results that will once again include sales of its anemia drug Aranesp topping $1 billion. The company is seen posting earnings of 97 cents a share for the quarter ended Sept. 30.
American Express Corp. is expected to report earnings of $938.9 million, or 76 cents a share, on revenue of $6.8 billion.
Wal-Mart Stores Inc. will also be in focus as the world's biggest retailer hosts an analyst meeting.
European stock markets edged lower, with the German DAX 30 index shedding 0.1 percent at 6,195.
In Japan, the Nikkei 225 average ended up 0.8 percent at 16,788.82 as investors turned upbeat on blue-chips.
Source: Associated Press/AP Online
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