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
TheStreet Open House

Stock Market Today: Futures Fall as IBM Misses Earnings Estimates

Stocks in this article: ^DJI^GSPC^IXICIBMAAPL

NEW YORK (TheStreet) -- U.S. stock futures turned lower Monday morning as IBM (IBM)  missed earnings estimates and said it would fall short of a multi-year profit target. 

Third-quarter earnings continue with Apple  (AAPL) expected to report after Monday's close. Few major economic data announcements are expected Monday. Federal Reserve Gov. Jerome Powell will speak at 10 a.m. EDT, while Gov. Daniel Tarullo will speak at 12 p.m. 

S&P 500 futures were down 0.27% and Dow Jones Industrial Average futures were down 0.66%.

Must Read: October 17: 10 Things You Should Know

A Dallas hospital is expected to clear 48 who had contact with Ebola patient Thomas Eric Duncan, while the World Health Organization has declared Nigeria Ebola-free. While dozens of workers from Texas Health Presbyterian Hospital have or are expected to be cleared, data from health authorities such as the U.S. Centers for Disease Control and Prevention show that many continue to be monitored for symptoms of the Ebola virus, and upwards of 300 people in the U.S. may have had contact with Ebola patients.

Separately, the WHO said on Monday Nigeria is now free of the Ebola, potentially giving confidence in the containment of the virus, which has claimed thousands of lives in Sierra Leone, Guinea and Liberia.

In Europe, stocks continued to slide amid weakening economic data, putting the region at risk of extending its longest string of weekly losses in more than a year.

Britain's FTSE 100 Index gained 0.99% and Germany's DAX fell 1.18%. The two indices have been in a rout since the International Monetary Fund slashed its 2014 global growth forecast, citing eurozone concerns as reason for the revision.

Third-quarter corporate earnings will continue with Chipotle (CMG) and Texas Instruments (TXI) reporting after the market close.

Read More: Five Reasons the Market is Wrong to Think the U.S. is Like Europe

In corporate news, IBM (IBM) said on Monday it would pay $1.5 billion to divest its money-losing chip business to Globalfoundries and record a $4.7 billion pretax charge as part of the divestiture. IBM also said on Monday it would fall short of a goal to deliver $20 in operating earnings per share a year by 2015. Shares in the company were tumbling 6.55% in premarket trading.

eBay (EBAY) was little changed on Monday after it said venture capitalist Mark Andreessen will step down from its board when the company splits its PayPal payments division, expected by mid-2015.

Tesoro (TSO) was little changed on Monday after announcing it will buy midstream assets from QEP Resources for $2.5 billion.

-- Written by Antoine Gara in New York

Follow @AntoineGara

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,380.41 +263.17 1.63%
S&P 500 1,886.76 +24.00 1.29%
NASDAQ 4,258.4380 +41.0480 0.97%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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