MarketWatch.com - Pre-Market Indications

Tuesday, April 13, 2010

Indications: U.S. futures sag after Alcoa report

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By Steve Goldstein, MarketWatch

LONDON (MarketWatch) -- U.S. stock futures pointed lower Tuesday after Alcoa kicked off earnings season with an unimpressive result.

S&P 500 futures fell 2.8 points to 1,189.80 and Nasdaq 100 futures dropped 5.75 points to 1,986.70. Futures on the Dow Jones Industrial Average fell 23 points.

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U.S. stocks ended higher Monday for the third straight session, with the S&P 500 and Nasdaq Composite rising by 0.2% each and the blue chip Dow Jones Industrial Average finishing above the 11,000 level. A number of deals and the outlines of a potential Greek rescue package were supportive for stocks.

Alcoa /quotes/comstock/13*!aa/quotes/nls/aa (AA 14.57, +0.18, +1.25%) after markets closed on Monday reported a $201 million first-quarter loss on weaker-than-forecast revenue. See First Take on Alcoa results.

Alcoa shares dipped 2% in premarket trade.

Intel /quotes/comstock/15*!intc/quotes/nls/intc (INTC 22.54, -0.01, -0.05%) is the next heavyweight to report, with the world's largest chipmaker slated to report after the close of trade Tuesday.

Overseas, Indian software giant Infosys Technologies /quotes/comstock/15*!infy/quotes/nls/infy (INFY 61.43, +0.47, +0.77%) reported a 1% drop in profit during the three months through March but projected fiscal year revenue to grow between 16% and 18%. French luxury goods giant LVMH Moet Hennessy reported a stronger-than-forecast 11% revenue rise during the first quarter.

Lenders Regions Financial /quotes/comstock/13*!rf/quotes/nls/rf (RF 8.74, +0.15, +1.75%) and KeyCorp /quotes/comstock/13*!key/quotes/nls/key (KEY 8.34, -0.01, -0.12%) fell in premarket trade after UBS downgraded them to sell.

On the economics front, February trade balance data is due for release.

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Greece was able to sell 26-week and 52-week bills at big bid-to-cover rates but with yields of 4.55% and 4.85%, respectively.

Asian stocks dropped Tuesday as technology shares fell ahead of the Intel report, with the Nikkei 225 dropping 0.8% and other markets also finishing lower.

In Europe, losses extended after the Greek bill auction, and the euro /quotes/comstock/21o!x:seurusd (CUR_EURUSD 1.3613, +0.0027, +0.1987%) was trading below $1.36. See Greece story.

Oil futures traded below $84 a barrel, and platinum and silver futures dropped sharply.

Steve Goldstein is MarketWatch's London bureau chief.


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