Futures Edge Lower, Oil Prices Slide
U.S. stock index futures pointed to a slightly lower open on Wall Street on Friday as investors took profits on Thursday's gains fueled by mostly positive economic data.
Brent crude futures backed off from Thursday’s 11-month highfollowing news the reports of a Saudi pipeline explosion were said to be false, easing fears of supply disruption.
Job numbers for February will be out a week later than usual, making Friday a light day for economic data.
Alcoa slipped even after Nomura started coverage of the aluminum producer with a "neutral" rating and a target price of $12.
Fellow Dow component Travelers also declined after Morgan Stanley cut its rating on the insurance company to "equal weight" from "overweight."
Big Lots posted better-than-expected results, but shares slumped after the retailer forecast first-quarter profit largely below analysts' expectations.
Sara Lee jumped after the food and drink maker said it expects the spin-off of its coffee and tea business to be finished by the end of June. Additionally, the company said it would pay a $3 dividend to its shareholders soon after the divestment of its coffee and tea business.
Shutterfly surged after the photo publisher agreed to buy bankrupt Kodak's online business for $24 million.
Yelp is scheduled to make its Wall Street debut today, set to trade under the ticker symbol "YELP," after pricing its initial public offering at $15 per share. The IPO values Yelp at $900 million.
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Coming Up Next Week:
MONDAY: Factory orders, ISM non-mfg index
TUESDAY: Earnings from Dicks Sporting Goods, Pandora
WEDNESDAY: Weekly mortgage apps, Challenger job-cut report, ADP employment report, productivity & costs, oil inventories, consumer credit; Earnings from American Eagle, Hovnanian, H&R Block
THURSDAY: Jobless claims, quarterly services survey; Earnings from Smithfield Foods, Aeropostale
FRIDAY: Non-farm payrolls, international trade, wholesale trade; Earnings from Ann
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