stock futures give up most of gains after cpi

INDICATIONS
Stock futures give up most of gains after CPI
Boeing rival EADS plummets in Paris
E-mail | Print | | Disable live quotes By Steve Goldstein, MarketWatch
Last Update: 8:36 AM ET Jun 14, 2006


LONDON (MarketWatch) - U.S. stock market futures on Wednesday gave up the bulk of the day's gains after core inflation figures didn't quell fears the Federal Reserve will continue to keep raising interest rates, though upgrades of key chipmakers, notably Intel Corp., could limit losses.
S&P 500 futures rose 1.2 points at 1,233.80 and Nasdaq 100 futures rose 3.25 points at 1,536.25. Dow industrials futures rose 13 points.
The S&P 500 contract had climbed as high as 1,239.80 earlier.
U.S. core inflation increased 0.3% for the third month in a row in May, putting pressure on the Federal Reserve to keep raising interest rates. The consumer price index increased 0.4% in May, the Labor Department said Wednesday, led by higher energy and shelter costs.
The euro held onto tentative gains, though the dollar was about flat against the yen. The yield on 10-year Treasury notes rose 0.016% at 4.977%.
Separately, metals futures rebounded after Tuesday's sell-off, and crude oil futures also edged higher, with the key July crude contract up 33 cents ahead of weekly inventory data.
International stock markets were mixed, with the Nikkei 225 ending moderately higher after Tuesday's 4% fall, while markets in Paris, London and Vienna continued to decline.
The main mover overseas was Airbus owner EADS, which lost nearly a third of its market value after warning of delays to the A380 superjumbo. See full story.
Components maker Goodrich Corp. (GR : Goodrich Corp
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Last: 37.83-0.69-1.79%

4:03pm 06/13/2006

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GR37.83, -0.69, -1.8%) said it was sticking to 2006 revenue and profit targets but warned late Tuesday that the Airbus delay would affect revenue until 2008 revenue.
The news, released after European stock markets were closed Tuesday, didn't give a lift to shares of Boeing Co. (BA : Boeing Co.
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Last: 76.98-0.90-1.16%

8:01am 06/14/2006

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BA76.98, -0.90, -1.2%) , Airbus' arch rival, in the last session.
Axa (AXA : AXA
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Last: 30.31-1.13-3.59%

7:00am 06/14/2006

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AXA30.31, -1.13, -3.6%) , the French insurer, agreed to pay $9.9 billion for Winterthur, the insurance unit of Credit Suisse (CSR : credit suisse group sponsored adr
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Last: 50.07-2.77-5.24%

8:01am 06/14/2006

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CSR50.07, -2.77, -5.2%) . Credit Suisse previously was planning to float the unit in an initial public offering. See full story.
A consortium led by Goldman Sachs (GS : The Goldman Sachs Group, Inc.
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Last: 139.25-5.75-3.97%

4:15am 06/14/2006

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GS139.25, -5.75, -4.0%) agreed to buy Associated British Ports for $4.6 billion. See full story.
Bayer (BAY : Bayer AG
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Last: 38.21-2.18-5.40%

4:15am 06/14/2006

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BAY38.21, -2.18, -5.4%) and Merck KGaA reached a deal that will allow Bayer to secure control of German drugmaker Schering (SHR : schering a g sponsored adr
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Last: 109.01+0.81+0.75%

4:15am 06/14/2006

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SHR109.01, +0.81, +0.7%) . Ahead of a midnight deadline, Bayer agreed to pay 3.7 billion euros ($4.7 billion). See full story.
Outside of M&A, Intel Corp. (INTC : Intel Corporation
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Last: 17.12+0.26+1.54%

8:24am 06/14/2006

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INTC17.12, +0.26, +1.5%) was upgraded to outperform from in line at Goldman Sachs, which recommended buying the stock after an imminent earnings disappointment given that margins have likely bottomed, expected market share gains and attractive valuation. The upgrade was part Goldman's upgrade of the semiconductor production equipment (SPE) sector to neutral from cautious and of several other chip companies.
Intel was one of the top pre-open movers, rising 2.3%.
Analyst James Covello upgraded Intel rival Advanced Micro Devices (AMD : Advanced Micro Devices, Inc.
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Last: 24.39-1.29-5.02%

8:01am 06/14/2006

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AMD24.39, -1.29, -5.0%) to in line from underperform, as the stock has fallen to his fair value estimate of $25. He also upgraded SanDisk (SNDK : SanDisk Corporation
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Last: 49.92-0.66-1.30%

8:24am 06/14/2006

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SNDK49.92, -0.66, -1.3%) and Applied Materials (AMAT : Applied Materials Inc
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Last: 16.14-0.09-0.55%

8:24am 06/14/2006

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AMAT16.14, -0.09, -0.6%) .
Elsewhere, Cleveland, Ohio-based National City Corp. (NCC : National City Corporation
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Last: 36.82-0.49-1.31%

4:15am 06/14/2006

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NCC36.82, -0.49, -1.3%) said second-quarter net interest margin and income would decline in the second quarter from the first. It said mortgage applications and production continue to slow on a cyclical basis, though they're up from the first quarter.