MarketWatch.com - Pre-Market Indications

Thursday, November 11, 2010

Indications: U.S. futures drop as Cisco brings out the bears

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By William L. Watts, MarketWatch

LONDON (MarketWatch) â€" U.S. stock futures lost ground Thursday, pointing to a lower open for Wall Street as investors digested a weaker sales forecast for networking-equipment heavyweight Cisco Systems Inc. and a stronger-than-expected rise in Chinese inflation.

Futures on the Dow Jones Industrial Average /quotes/comstock/21b!f:dj\z10 (DJZ10 11,266, -36.00, -0.32%)  were down 41 points at 11,261, while S&P 500 futures /quotes/comstock/21m!f:sp\z10 (SPZ10 1,207, -6.90, -0.57%)  fell 5.8 points to 1,208.3.

Nasdaq 100 futures /quotes/comstock/21m!f:nd\z10 (NDZ10 2,155, -19.75, -0.91%)  dropped 16.75 points to 2,157.75.

Shares in Cisco /quotes/comstock/15*!csco/quotes/nls/csco (CSCO 24.49, +0.14, +0.57%)  slumped more than 15% in premarket action. The firm’s lackluster outlook is likely to put some pressure on the tech sector, said Michael Hewson, strategist at CMC Markets, while a 4.4% jump in China’s consumer-price index in October underlines fears of a fiscal tightening by Beijing. Read about China's inflation jump

Economists had forecast a 4% rise after a 3.6% jump in inflation in September.

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Together, the factors will combine to diminish risk appetite, Hewson said. Investors are also keeping a close eye on ongoing sovereign-debt woes in the euro zone, which have weighed on the European banking sector and could eventually put some pressure on the U.S. financial sector as well, he said.

Cisco, after Wednesday’s close, reported an 8% rise in profit, but offered a weaker-than-expected sales outlook. Read about Cisco's results

The results were a sobering surprise for many analysts and investors, particularly in light of the company’s bellwether status for the network-hardware industry.

Retailer Kohl’s Corp. /quotes/comstock/13*!kss/quotes/nls/kss (KSS 52.26, -0.03, -0.06%)  late Wednesday reported third-quarter profit of 63 cents a share, matching the figure from a year ago and topping the consensus estimate produced by a FactSet Research survey of analysts by one cent. Kohl’s forecast fourth-quarter earnings of $1.51 to $1.59 a share, versus a consensus forecast of $1.57, and said it intends to accelerate a portion of its share buyback plan.

Viacom Inc. /quotes/comstock/13*!via/quotes/nls/via (VIA 43.26, +0.01, +0.02%)  on Thursday reported adjusted third-quarter earnings of 75 cents a share versus 71 cents in the same period last year, while revenue rose 5% to $3.33 billion. Analysts had expected Viacom to earn 68 cents a share on revenue of $3.3 billion, according to FactSet.

The firm said it plans to sell its Harmonix gaming unit, which developed the Rock Bank video game brand.

The Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (DJIA 11,357, +10.29, +0.09%)  on Wednesday eked out a gain of 10.29 points to close at 11,357.04. The S&P 500 /quotes/comstock/21z!i1:in\x (SPX 1,219, +5.31, +0.44%)  rose 5.31 points to 1,218.71, while the Nasdaq Composite /quotes/comstock/10y!i:comp (COMP 2,579, +15.80, +0.62%)  added 15.8 points to settle at 2,578.78.

European stock markets gave up early gains as ongoing sovereign-debt concerns weighed on banking stocks. Shares in German industrial giant Siemens AG /quotes/comstock/11e!fsie (DE:SIE 85.60, +1.64, +1.95%)   /quotes/comstock/13*!si/quotes/nls/si (SI 114.91, -1.73, -1.48%)  shook off the gloom to gain more than 3% in Frankfurt after the firm raised its dividend and outlined a new dividend policy. Read more about Siemens

The U.S. dollar was mostly higher versus major rivals, while the euro /quotes/comstock/21o!x:seurusd (EURUSD 1.3706, -0.0075, -0.5442%)  lost 0.5% versus the greenback to trade at $1.3709 as worries about Ireland’s fiscal picture contributed to further pressure on peripheral euro-zone bonds.

Gold futures gained $12.50 at $1,411.80 an ounce in electronic trade on Globex, while crude-oil futures rose 46 cents to trade at $88.27 a barrel.

William L. Watts is a reporter for MarketWatch in London.

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NYSE Arca Morning Update - 08:30:00 ET

NYSE Arca Morning Update for Thursday, Nov 11, 2010 :

STOCKS TRADING ON NYSE Arca AT A PRICE 15% OR MORE AWAY FROM
THE PREVIOUS TRADE DAY'S CONSOLIDATED CLOSE PRICE (AS OF 08:30:00 ET)

Stock Wednesday's Close Current Price Pct Change Current NYSE ARCA Vol
ANW $15.94 $9.54 (40.2%) 265,220
SRDX $13.13 $10.10 (23.1%) 700
GRRF $2.98 $3.67 23.0% 3,204
CSCO $24.49 $20.44 (16.5%) 9,100,085


10 MOST ACTIVE STOCKS ON NYSE ARCA AS OF 08:30:00 ET

BASED ON DOLLARS TRADED: | BASED ON SHARES TRADED:
Stock $ Volume Price PctChg | Stock Share Vol Price PctChg
CSCO $187079166 $20.44 (16.5%) | CSCO 9,100,085 $20.44 (16.5%)
SPY $70,379,825 $121.32 ( 0.6%) | C 2,768,885 $4.37 ( 1.4%)
QQQQ $29,056,305 $53.01 ( 1.3%) | LVLT 997,207 $1.16 12.6%
GLD $21,508,227 $137.73 0.4% | ALU 674,793 $2.99 ( 4.5%)
C $12,103,801 $4.37 ( 1.4%) | SPY 580,388 $121.32 ( 0.6%)
EWZ $10,689,478 $78.31 ( 0.8%) | QQQQ 548,383 $53.01 ( 1.3%)
RIG $9,424,128 $70.11 0.3% | IRE 421,456 $2.16 ( 9.6%)
HBC $9,386,916 $54.96 ( 1.4%) | ANW 265,220 $9.54 (40.2%)
AAPL $7,996,503 $315.92 ( 0.6%) | BAC 251,313 $12.43 ( 1.1%)
IWM $6,125,112 $73.04 ( 0.7%) | NOK 173,666 $10.51 ( 2.2%)


Price changes may be affected by symbol splits and dividends.

Consolidated close price is the last print (excluding prints with trade
conditions) prior to 4PM ET.

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