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Futures Lower Following Global Market Worries

CNBC.com
Friday, 12 Nov 2010 | 9:11 AM ET

Stock index futures indicated a lower opening Friday, following weakness in global markets on fears of higher interest rates in China and the worsening economic situation in Ireland.

Shares in China tumbledmore than 5 percent on concerns authorities could raise rates to combat fast growing inflation.

European markets were slightly lower as European Union authorities sought to calm fears that Ireland would need a Greece-style economic bailout.

Intel raised its quarterly dividend to 18 cents a share from 17.75 cents. The tech giant said it was on track for its best year ever.

In earnings news Friday, JC Penney's shares fell in pre-market trading after news sales in the third quarter werehurt by a decisionto wind down its "Big Book" catalogue. The department store retailer posted better-than-expected profits, however.

D.R. Horton's shares were slightly lower despite reporting a smaller-than-expected loss. The homebuilder cited slowing demand after the expiration of the homebuyer tax credit.

Shares of Dow component Walt Disney struggled after hours.

The company on Thursday reported a quarterly profit that was down from the year-ago period and also a penny shy of analysts' expectations.

Boeing, which has led the Dow lower the past two sessions, was downgraded by Sanford Bernstein to "market perform" from "outperform." The airline maker's shares fell in the pre-market.

Yahoo could also come under pressure after a report, which it denied,that the Internet company was laying off 2 percent of its workforce. Yahoo did not rule out job cuts.

The economic calendar is fairly light, following the Veterans Day holiday.

The University of Michigan consumer confidence index comes out at 9:55 a.m., with economists surveyed by Briefing.com predicting a rise in November sentiment to 69 from 67.7.

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