Futures Fall After LinkedIn-Fueled Rise
Stock futures fell ahead of the open Friday after Thursday's LinkedIn-fueled rise, with no major earnings or data releases on the horizon.
Stocks on Thursday gained in the face of weak economic news on investor enthusiasm about LinkedIn's initial public offering. The professionals' networking site registered huge gains in its first day of trading, more than doubling in their debut and prompting some analysts to warn about a bubble in social mediastocks.
In afternoon trade on the NYSE, LinkedIn shares were trading at $121, a huge jump from the $45 initial public offering price.
Retailers were not off to a good start on Friday. Gap plunged after cutting its profit outlook for the year, citing the rising cost of cotton.
AnnTaylor Stores fell after despite a 21 percent gain in first-quarter earnings as it reported a drop in margins.
On the M&A front, Barnes & Noble skyrocketed after news Liberty Media has proposed buying the bookstore chainfor $1.02 billion.
Dominique Strauss-Kahn, the former head of the International Monetary Fund, is due to leave jail Friday after a judge granted his request for bail Thursday.
Christine Lagarde, the French Economy Minister, is building up support to replace him at the helm of the Fund.
The dollar fell against a basket of currenices, and the euro fell to concerns about Greek debt restructuring.
Oil prices stabilized Friday after falling on Thursday after economic news indicating a slowdown in the U.S. economy. U.S. light, sweet crude rose slightly to nearly $99 a barrel, while in London, Brentcrude rose above $111.
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