This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Stock Futures Slip As Second Quarter Begins


NEW YORK (TheStreet) -- U.S. stock futures Monday were falling ahead of new reports on manufacturing and construction spending, after stocks booked solid gains during the first quarter.

Futures for the Dow Jones Industrial Average were down 17 points, or 18 points below fair value, at 13,125. Futures for the S&P 500 were down 1 point, or 1 point below fair value, at 1402. Futures for the Nasdaq were down 3 points, or 3 points below fair value, at 2749.

After the S&P 500 pushed ahead by 12% in the first quarter, market-watchers are cautious about the second quarter. Corporate earnings growth is expected at 3.2% for the second quarter, an estimate that's significantly lower than the forecast from last year, according to Thomson Reuters. Analysts had expected growth of 10.2% in October 2011, but a high number of negative pre-announcements have pushed down the consensus forecast.

On the U.S. economic calendar Monday, the Institute for Supply Management's manufacturing index for March and construction spending for February are both expected at 10 a.m. EDT. Economists forecast the manufacturing index to show a reading of 53 for March after coming in at 52.4 the prior month. A Commerce Department report may show that construction spending rose 0.7% in February, according to a Bloomberg survey of economists.

In corporate news, Groupon (GRPN) the online deals company, revised its reported fourth-quarter results lower. Its independent auditor determined it has a "material weakness" in its internal controls. Groupon affirmed its first-quarter guidance, reiterating its revenue forecast of between $510 million and $550 million.

Starbucks (SBUX) is planning a big expansion of its China business, according to reports. The coffee-shop operator plans to triple its number of stores in China to 1,500 from 500 by 2015, said John Culver, the head of Starbuck's China and Asia Pacific business, according to The Wall Street Journal.

Sirius XM Radio (SIRI) is appealing to federal regulators to prevent Liberty Media from taking over the satellite radio company. Sirius revealed in a filing to the Federal Communications Commission on Friday that Liberty has asked the FCC for permission to take "de facto" control of Sirius. But Sirius asked the FCC to "dismiss or deny" the application, the Journal said.

Liberty owns preferred stock that is convertible into about 40% of the outstanding common stock of Sirius.

Credit card processor Global Payments (GPN) said Sunday night it "identified and self-reported unauthorized access into its processing system. " Global Payments, in a press release, said hackers accessed its processing system and about 1.5 million card numbers "may have been exported." The company said the breach was confined to North America. It said it believes the "incident is contained."

Monday begins a shortened trading week. On Friday, the government will release its monthly jobs report for March, but U.S. markets will be closed for Good Friday.

Germany's DAX was up 0.15% while London's FTSE was down 0.12% on Monday.

In Asia, data showed that Chinese manufacturing activity rose last month. China's National Bureau of Statistics said over the weekend that its purchasing managers' index expanded to a one-year high of 53.1 in March, compared to another measure of manufacturing from HSBC which had showed a manufacturing contraction.

Hong Kong's Hang Seng closed down 0.16% while the Nikkei Average in Japan finished higher by 0.26% overnight.

May oil futures were down 52 cents to $102.50. In other commodities, June gold futures were down $3.90 to $1688 an ounce.

The dollar index was 0.12% higher. The benchmark 10-year Treasury was down 3/32 pushing the yield to 2.223%.

-- Written by Chao Deng in New York.

>To contact the writer of this article, click here: Chao Deng.

>To follow the writer on Twitter, go to: @chao_deng

>To submit a news tip, send an email to: tips@thestreet.com.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,563.30 -317.06 -1.88%
S&P 500 1,930.67 -39.40 -2.00%
NASDAQ 4,369.7730 -93.1290 -2.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs