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Stock Futures Slip on Mixed Earnings, Weak European Growth

NEW YORK (TheStreet) -- U.S. stock futures were moving lower Tuesday amid mixed earnings reports and as global markets notched losses against a tepid outlook for European growth.

 
Stocks had edged higher Monday, as investors weighed solid earnings against lackluster factory-orders data.
 
Forecasts from the European Commission on Tuesday suggested the eurozone economy would expand by 1.1% in 2014 and are down from a 1.2% growth forecast in May, when more bullish assumptions were made on private consumption and investment.
 
S&P 500 futures were falling 5.03 below fair value to 1762.53 while Dow Jones Industrial Average futures were dropping 51.15 below fair value to 15,571.12. Futures for the Nasdaq were dropping 9.05 below fair value to 3,376.75.
 
Companies expected to see price action Tuesday include GT Advanced Technologies (GTAT), which was jumping 25% to $10.50 in premarket trade. The company said it had signed an agreement to supply equipment to Apple (AAPL) and forecast 2014 revenue of $600 million to $800 million, exceeding consensus expectations of $591.9 million.
 
LeapFrog (LF) dived 10.15% to $7.79 in premarket trade after the tablet maker forecast 2013 earnings of 36 cents to 46 cents a share -- lower than its previous expectations of 57 cents to 60 cents.
 
IntercontinentalExchange (ICE) reported an 8% rise in third-quarter profit on Tuesday, boosted by higher market data revenue.
Net income was $141.3 million or $1.92 a share while underlying earnings were $1.97 a share -- topping analyst estimates of $1.83 a share. ICE shares were rising 1.04% to $195.85 in premarket trade. Meanwhile, NYSE Euronext (NYX) missed estimates for the third quarter posting underlying earnings of 53 cents a share, below expectations for 55 cents a share. Revenue grew 3% to $574 million, falling short of Wall Street expectations for $579.2 million.
 
Google (GOOG) Tuesday launch Helpouts - a how-to function that will sell advice on topics ranging from smartphones to cosmetics by connecting callers with industry experts. Fees will be set by these experts and 20% of revenue will be taken by Google for most of the video sessions. Google shares were off 0.49% to $1,021.12 in premarket trade.
 
In other corporate news, there is speculation that final pricing on the Twitter float -- set for Wednesday -- will be even higher than the boosted range for shares on Monday. Twitter had lifted the range of its IPO to $23 to $25 a share up from a prior $17 to $20 previously. The float is the most highly anticipated tech IPO since Facebook's (FB) float last year.
 
Economic data due Tuesday includes the ISM non-manufacturing index for October at 10 a.m EDT. Consensus expectations are for a reading of 54.5 after a result of 54.4 in September. A reading above 50 indicates that the non-manufacturing economy is generally expanding.
 
U.S. chain-store sales rose 1.9% year on year for the week ended on Nov. 2, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. Comparable-store sales slipped 0.6% on a weekly basis.
 
San Francisco Fed President John Williams will deliver a briefing at the city's Fed's Asia Economic Policy Conference at 5:10 p.m. Richmond Federal Reserve Bank President Jeffrey Lacker will speak on work force development in Charlotte, N.C., at 12:30 p.m.
 
The Hang Seng closed off 0.65% at 23038.95 while the Nikkei lifted 0.17% to 14,225.37. Germany's DAX was falling 0.56% to 8,986.75.75 while the FTSE was off 0.57% to 6724.94.
 
The yield on 10-year U.S. Treasuries were falling 7/32 to 2.63 while the dollar was rising 0.13% to $80.68 according to the U.S. dollar index. Oil futures were of 0.33% to $94.29 while gold futures were up 2.8% to $ 1,317.4.

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