U.S. stock futures point to sluggish start; Countrywide falls - MarketWatch

U.S. stock futures point to sluggish start; Countrywide falls - MarketWatch

The latest quarterly results are due from the Blackstone Group (BX:

BX

and, after the close, Texas Instruments (TXN:

TXN

and Hovnanian Enterprises (HOV:

HOV

McDonald's (MCD:

MCD

also is expected to release February sales figures.

The FBI is probing Countrywide Financial (CFC:

CFC

over allegations of securities fraud, according to a report in The Wall Street Journal.

Countrywide shares dropped 7% to $4.73 in Frankfurt trade.

Bank of America (BAC:

BAC

which has agreed to buy the lender, edged 0.5% higher.

Virgin Media (VMED:

VMED

the U.S.-listed, U.K.-based cable operator, could be the target of a buyout offer worth up to $7.5 billion from a team of private-equity houses, according to a report in the Observer newspaper.

Fitch Ratings dropped their financial sector ratings coverage of bond insurer MBIA (MBI:

MBI

late on Friday, following criticism by the company over its analysis and fees.

Overseas, the Malaysian stock market dropped 10% after the ruling coalition lost its two-thirds majority for the first time in almost four decades.

Other markets were generally weaker, with the Nikkei 225 losing nearly 2% in Tokyo and the FTSE 100 down 0.4% in London.

Yields on 10-year Treasury bonds fell to 3.49%, and the dollar dropped sharply against the Japanese yen, down 0.8% to 101.91 yen.

Crude-oil futures fell 10 cents to $105.05 a barrel, while gold futures rose $4.40 to $978.60 an ounce.