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Futures Edge Lower, Oil Prices Slide

CNBC.com
Friday, 2 Mar 2012 | 8:36 AM ET

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.

Bullish on Dividend Stocks: Market Watcher
Christian Thwaites, Sentinel Investments CEO, "You want to be in on the Freeports and American Expresses," he told the "Squawk Box" team.

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.

—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC

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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