NEW YORK (TheStreet) -- U.S. stock futures signaled a lower Wall Street open Wednesday as optimism is low that euro leaders can create a plan to combat the region's weak economy.
European leaders are scheduled to hold a summit in Brussels later Wednesday.
European stocks were falling ahead of the meeting of the leaders of the 27 EU countries, while Asian stocks closed Wednesday with sizable losses. Japan's Nikkei 225 index tumbled 2% to close at 8,556.60.
U.S. stocks finished mixed on Tuesday on renewed concerns about Greece's potential exit from the eurozone.The economic calendar in the U.S. Wednesday includes new home sales for April and the Federal Housing Finance Agency's housing price index for March at 10 a.m. EDT.
Media reports late Tuesday said Morgan Stanley (MS), the lead underwriter of Facebook's (FB) IPO, has received a subpoena related to its involvement in the IPO as reports that the firm quietly lowered its revenue estimates for the social networker in the days leading up to the offering are indicative of a potential conflict of interest. Massachusetts Secretary of Commonwealth William Galvin has issued a subpoena to Morgan Stanley over an analyst's discussions with investors on Facebook, Reuters reported. "The Securities Division has put out a subpoena to Morgan Stanley in connection with the analyst's discussion with certain institutional investors about the revenue prospects for Facebook," a spokesman for Galvin's office said Tuesday, Reuters reported. "Morgan Stanley followed the same procedures for the Facebook offering that it follows for all IPOs," Morgan Stanley spokesman Pen Pendleton said in a statement. "These procedures are in compliance with all applicable regulations."
Hewlett-Packard (HPQ), the computer and printer maker, reports earnings after Wednesday's closing bell and an announcement could be made on a restructuring plan that may include the elimination of as many as 30,000 jobs. Analysts expect HP to report fiscal second-quarter earnings of 91 cents a share on revenue of $29.92 billion. Fellow PC maker Dell (DELL) on Tuesday posted fiscal fiscal first-quarter results that fell short of analysts' expectations on both the top and bottom lines. Dell also provided second-quarter revenue guidance below analysts' views. Dell predicts revenue of between $14.69 billion and $15 billion; analysts are looking for sales of $15.42 billion.
Ford (F) received its second "investment grade" credit rating on Tuesday; Moody's lifted the rating from junk to Baa3, investment grade with a stable outlook. The upgrade allows the automaker to reclaim assets it mortgaged six years ago. Key among the assets was the Ford's symbolic blue oval insignia. Fitch upgraded Ford last month.
American Eagle Outfitters (AEO), Big Lots (BLI), Hormel Foods (HRL) and Sycamore Networks (SCMR) report earnings before Wednesday's opening bell. -- Written by Joseph Woelfel
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