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US Futures Mixed As European Woes Gnaw At Market

In Europe, borrowing rates for Spain touched a record high Thursday after the rating agency Moody's cut its credit rating to one notch above junk status. Spain's benchmark 10-year bond hit 6.96 percent before pulling back.

Major stock indexes in Europe barely budged. Greek stocks were the exception. Athens' main index surged 10 percent following rumors that elections this weekend will yield a government that can keep the country in the euro. Greek law forbids the release of new public opinion polls in the last two weeks before the election.

Among stocks making big moves:

â¿¿ Nokia plunged 15 percent, or 44 cents, to $2.35. The cellphone maker cut its earnings forecast and announced plans to eliminate $2 billion in costs by the end of next year. Nokia said it will close its main manufacturing plant in Finland, shutter research facilities in Germany and Canada and lay off 10,000 employees.

â¿¿ Kroger rose 6 percent after the grocery store chain raised its profit forecast for the year. The Cincinnati-based company, which operates Ralphs, Food 4 Less and other grocery stores, also announced it will spend $1 billion to buy back its stock. Kroger's stock gained $1.29 to $22.58.

â¿¿ Winnebago Industries reported that its quarterly profit more than tripled, mainly because of higher prices for its vehicles. The results topped analysts' expectations. Winnebago's stock rose 3 percent, or 23 cents, to $9.22.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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