Market Hustle: Futures Pare Gains After Manufacturing Data, Coke Falls
NEW YORK (TheStreet) -- Stock futures were paring gains Tuesday after a worse-than-expected manufacturing report and as Coca-Cola (KO) shares slid following the beverage giant's earnings announcement.
- S&P 500 futures were up 0.75 points, or 0.47 points above fair value, to 1,835.75, Dow Jones Industrial Average futures were up 13 points, or 16.61 points above fair value, to 16,140. Nasdaq futures were up 3.3 points, or 3.77 points above fair value, to 3,664.3.
- The February Empire State Manufacturing Survey fell to 4.48, vs. the average economist estimate of 9.
- The February National Association of Home Builders Housing Market Index will be released at 10 a.m. EST.
- Coca-Cola (KO) was down 1.08% to $38.60 in premarket trading on Tuesday after posting in-line fourth-quarter earnings of 46 cents a share on revenue of $11.04 billion, which was less than the average sales forecast of $11.31 billion.
- Netflix (NFLX) was adding 0.63% to $438.24 as Internet intelligence firm Procera reported that 16% of the Netflix subscribers watched at least one episode of the second season of House of Cards on a U.S. cable network after its release on Friday.
- Lululemon Athletica (LULU) was popping 2.55% to $52.35 after the stock was raised to "outperform" from "perform" at Oppenheimer.
- Forest Laboratories (FRX) was surging 23.27% to $88 after Actavis (ACT) announced Tuesday that it is buying Forest for about $25 billion.
- The Nikkei 225 in Japan closed higher by 3.13% at 14,843.24 and the Hong Kong Hang Seng finished up 0.23% after the Bank of Japan said that it is doubling the size of its lending facilities designed to stimulate bank lending and economic growth.
- The FTSE in London was 0.45% higher and the DAX in Germany was up 0.18%.
- Stocks booked their second-straight week of gains on Friday after consumer sentiment beat expectations and companies from Cliffs Natural Resources (CLF) to Campbell Soup (CPB) topped earnings estimates.
- The S&P 500 has been close to eliminating its year-to-date losses in part due to Federal Reserve Chairwoman Janet Yellen's indication earlier last week that the central bank's stimulus tapering plans will stay the course.
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