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Futures Tumble as Greek Deal Hurdles Remain
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Stock index futures accelerated their losses Friday after euro zone finance ministers withheld further aid for Greece and demanded more cuts in return for a second bailout.
Euro zone finance ministers said the debt-ridden nation will need to make further cuts in order to be granted bailout funds. Menawhile, Greek workers went on strike, protesting against the austerity measures.
Adding to woes, Chinese January trade data fell the most since the depths of the financial crisis, signaling further demand decline.
On the economic front, the trade deficit widened slightly more than expected to $48.8 billion in December, according to the Commerce Department, climbing to the highest level since July 2008. Economists polled by Reuters had expected the trade deficit at $48.0 billion.
The Thomson Reuters/University of Michigan Surveys of Consumers is due at 9:55 am ET. Economists expect February's preliminary consumer sentiment index to dip to 74.5 from 75.0 in the final January report.
At 2 pm ET, the Treasury Department issues its monthly budget for January. Economists in a Reuters poll forecast a $50 billion deficit, compared with a December budget deficit of $85.97 billion.
Among earnings, NYSE Euronext [NYX
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LinkedIn [LNKD
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] surged after the online networking company beat expectations and handed in an outlook for the quarter and full-year that topped estimates as it sees continued strong product and subscription growth. In addition, Brokerages including Citigroup, JPMorgan and Canaccord Genuity boosted their price targets on the firm.
Nuance [NUAN
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] plunged after the speech recognition software maker posted quarterly results that missed estimates for the first time in a year. Nuance’s technology is used by the Siri application in Apple’s [AAPL
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] iPhone 4S.
Expedia [EXPE
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] slumped after the online travel agency reported sales that missed and profit that was hurt by rising costs. However, analysts were mixed on the stock—Barclays cut its price target to $31 from $34, while Citigroup raised its price target to $37 from $32.
Barclays [BCS
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Some traders also said expectations for the bank had fallen following disappointing numbers from the likes of Credit Suisse [CS
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], adding that Barclays had performed better.
And True Religion [TRLG
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] plummeted after the upscale denim maker missed earnings expectations. In addition, Citigroup cut its rating on the firm to “neutral” from a “buy.”
Chinese e-commerce group Alibaba is also being watched by investors, with two sources telling Reuters that the group plans to take private its Hong Kong-listed unit, as part of a complex deal that would strengthen founder Jack Ma's control and give key stakeholder Yahoo [YHOO
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—Follow JeeYeon Park on Twitter: —
On Tap Next Week:
MONDAY: Obama outlines 2013 budget proposal
TUESDAY: NFIB small business optimism index, retail sales, import and export prices, Fed's Plosser speaks, business inventories, 13-F filings due; Earnings from Metlife
WEDNESDAY: MBA mortgage applications, Empire state mfg survey, treasury international capital, industrial production, Fed's Fisher speaks, housing market index, oil inventories, FOMC minutes, credit card default rates reported; Earnings from Comcast, Abercrombie & Fitch, Deere, CBS, Netapp, Nvidia
THURSDAY: Housing starts, jobless claims, PPI, Bernanke speaks at FDIC hearing, Philadelphia Fed survey; earnings from GM, Applied Materials, Baidu, Nordstrom
FRIDAY: CPI, leading indicators; Earnings from Campbell Soup, Heinz
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