Stocks Set for Minor Pullback
05/27/08 - 08:26 AM EDT
Sarina Penn
Stock index futures were pointing to a lower open for Wall Street Tuesday as traders emerged from the long weekend in an uneasy mood following last week's big pullback.
S&P 500 futures were losing 2 points to 1371 and were nearly 5 points under fair value. Futures on the Nasdaq 100 were flat at 1958 and were 3 points below fair value. In the prior session, stocks capped off a losing week with another slide as oil got back on an upward track and dismal news surfaced on the corporate front. In the end, the Dow Jones Industrial Average plunged 146 points to 12,480, and the S&P 500 lost 18 points to 1376. The Nasdaq Composite shed 20 points at 2445. Among companies in the new session, Infineon Technologies (IFX Quote - Cramer on IFX - Stock Picks) announced after the German market closed Monday that CEO Wolfgang Ziebart has resigned "due to different opinions on the future strategic orientation of the company." The chip company said Peter Bauer, a member of the management board, will assume the role of spokesman for that body. Also departing will be the chief of Britain-based Vodafone (VOD Quote - Cramer on VOD - Stock Picks), which preliminarily announced that its full-year adjusted operating profit climbed 5.7% to $19.9 billion on a 14.1% jump in sales. CEO Arun Sarin will step down in July and be replaced by Vittorio Colao. Elsewhere, a Belgian business paper reported that Belgian beer giant InBev could start merger negotiations with Budweiser purveyor Anheuser-Busch (BUD Quote - Cramer on BUD - Stock Picks) as early as today. On Friday, the Financial Times said it was preparing a bid worth $46 billion, or $65 a share.
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