This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 Cautious as Deere Declines

Stocks in this article: ^DJI ^GSPC ^IXIC BBRY GPS A DE

NEW YORK ( TheStreet) -- Stock futures were little changed Wednesday, easing off fresh highs from the prior session after Deere (DE - Get Report), the world's largest agricultural-equipment maker, warned that global demand was weaker-than-expected.

Futures for the S&P 500 were down 2.75 points, or 1.99 points below fair value, to 1,645.25.

Deere was falling 3.22% to $90.75 after the company's outlook took on a cautious tone, citing global financial pressures and adverse weather patterns.

The European Union's statistics office in Luxembourg reported Wednesday that euro area growth fell by 0.2% in the first quarter of 2013 after falling 0.6% in the fourth quarter. This worse-than-expected report was offset by Bank of England Governor Sir Mervyn King's remarks Tuesday that there has been a "welcome change in the economic outlook," where growth will be a little stronger and inflation a little weaker than what he expected three months ago.

Agilent Technologies (A - Get Report) was rising 1.09% to $44.45 after the testing equipment maker's quarterly earnings beat estimates by ten cents at 77 cents a share, offset by a lower-than-expected current quarter guidance of 60 cents to 64 cents a share as the company announces a restructuring that will result in a two percent cut to its workforce worldwide.

Gap (GPS - Get Report) was up 1.27% to $41.40 after the retailer was raised to "buy" from "neutral" by Citigroup analysts, who referenced an improved merchandise selection and economy.

BlackBerry (BBRY - Get Report) was off 2.16% to $14.93 after the smartphone maker was cut by Bernstein analysts to "market perform" from "outperform" at a price target of $15, down from $22. "In a best case, and if the market discounts a successful turnaround, Blackberry could be shipping 7 million to 10 million units a quarter ... could justify a $20 to $25 stock price," analyst Pierre Ferragu wrote. "In a worst case, if Blackberry struggles with its sub-scale position and remains a marginalized player like Nokia (NOK) and HTC today, Blackberry could be worth less than $10."

Futures for the Dow Jones Industrial Average were down 15 points, or 16.25 points below fair value, to 15,160. Futures for the Nasdaq were down 2 points, or 1 point below fair value, to 2,993.25.

The Bureau of Labor Statistics reported that the producer price index fell by a more-than-expected 0.7% in April after dipping 0.6% in March. Excluding food and energy, core prices ticked up 0.1%, as expected, up from a 0.2% rise the prior month. Economists, on average, expected the ppi to fall 0.6%.

The New York Federal Reserve reported that the Empire State manufacturing index fell four points to negative 1.4 in May. A rise to 4 was expected by economists, on average, according to Thomson Reuters.

The Federal Reserve is forecast to report at 9:15 a.m. that industrial production fell 0.2% in April following a 0.4% increase in March. Capacity utilization rates might have to fallen to 78.3% in April from 78.5% in March.

The National Association of Home Builders' housing market index is expected to show at 10 a.m. an uptick in homebuilder confidence to 43 in May from 42 in April.

The FTSE 100 in the U.K. was down 0.03%. The DAX in Germany was up 0.17%. The Nikkei 225 in Japan finished ahead by 2.29% Wednesday. The Hong Kong Hang Seng index rose 0.5%.

June gold futures were stumbling $11.10 to $1,413.40 an ounce. June light sweet crude oil futures were down 50 cents to $93.71 a barrel.

The benchmark 10-year Treasury was up 2/32, diluting the yield to 1.97%. The dollar was up 0.27% to $83.82 according to the U.S. dollar index.

Written by Andrea Tse in New York

>To contact the writer of this article, click here: Andrea Tse.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

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