INDICATIONS Stock futures steady after PPI, retail sales figures Best Buy, Goldman Sachs each beat earnings estimates E-mail | Print | | Disable live quotes By Steve Goldstein, MarketWatch Last Update: 8:39 AM ET Jun 13, 2006
LONDON (MarketWatch) -- Stock market futures were pointing to a flat start on Tuesday, with wholesale inflation and retail sales data not providing enough of an impetus to quell fears over rising interest rates and slowing economic growth. S&P 500 futures weakened 2.8 points at 1,244.30 while Nasdaq 100 futures rose 0.5 of a point at 1,541.75. Futures were off lows of the day. U.S. producer prices increased 0.2% in May as energy prices moderated, but core prices inched higher amid signs that inflationary pressures are growing. The Labor Department said Tuesday prices for finished goods rose 0.2%, while the core PPI - which excludes food and energy prices - rose 0.3%. Most economists had expected a tame 0.2% for the core PPI number, but for the full number, consensus expectations were for a bigger gain, of 0.5%. U.S. retail sales rose a modest 0.1% in May, the Commerce Department said Tuesday. The gain was in line with the forecasts of economists surveyed by MarketWatch. Excluding auto-sales, retail sales rose 0.5%. Higher gasoline prices have taken away consumers' appetites for buying cars, analysts say. Higher gasoline prices didn't look to have taken a toll on the electronic retailer Best Buy (BBY : Best Buy Co., Inc. News , chart, profile, more Last: 49.03-1.36-2.70%
7:54am 06/13/2006
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: BBY49.03, -1.36, -2.7%) , which said first-quarter earnings rose 38% to $234 million, or 47 cents a share, with revenue up 14% to $6.96 billion. Both earnings and revenue came in ahead of consensus analyst forecast. Still, it held to its fiscal year earnings forecast despite the results topping forecasts. Best Buy shares rose 3% in pre-open trade. Rival Circuit City Stores (CC : Circuit City Stores, Inc.- Circuit City Group News , chart, profile, more Last: 27.43-0.86-3.04%
4:15am 06/13/2006
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: CC27.43, -0.86, -3.0%) is due to report results later in the week. Goldman Sachs (GS : The Goldman Sachs Group, Inc. News , chart, profile, more Last: 145.00-4.89-3.26%
4:15am 06/13/2006
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: GS145.00, -4.89, -3.3%) nearly tripled its net income to $2.29 billion and more than doubled its revenue to $18 billion in the second quarter, with earnings excluding stock options coming in a $4.97 a share, well ahead of forecast. Investment banking revenue climbed 87%, it said. Goldman Sachs shares rose more than 1% in pre-open trade. Elsewhere, oil futures continued to weaken in electronic trade, as Tropical Storm Alberto looks set to miss key oil production platforms in the Gulf of Mexico. See story. Gold futures also dropped, losing $19.80 to $591.50 an ounce. See story. Circuit board maker Jabil Circuit (JBL : Jabil Circuit Inc News , chart, profile, more Last: 32.42-1.62-4.76%
8:05am 06/13/2006
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: JBL32.42, -1.62, -4.8%) tumbled 15% in pre-open trade after cutting its earnings guidance for the third quarter, blaming operational issues. On the brokerage front, J.P. Morgan upgraded technology-products distributor Tech Data Corp (TECD : Tech Data Corporation News , chart, profile, more Last: 36.10-0.14-0.39%
8:24am 06/13/2006
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: TECD36.10, -0.14, -0.4%) from underweight to neutral, citing valuation. The broker told clients that the company has struggled over the past several years in Europe and that this had been the primary reason for the underweight rating. Banc of America Securities upgraded oil refiners Sunoco (SUN : sunoco inc com News , chart, profile, more Last: 63.64-2.26-3.43%
4:15am 06/13/2006
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: SUN63.64, -2.26, -3.4%) and Western Refining (WNR : western refng inc com News , chart, profile, more Last: 16.47-0.85-4.91%
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: BAY40.39, -1.18, -2.8%) scrambled to win three-quarters control of German drugmaker Schering (SHR : schering a g sponsored adr News , chart, profile, more Last: 108.20-0.14-0.13%
4:15am 06/13/2006
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: SHR108.20, -0.14, -0.1%) ahead of a Wednesday deadline, saying it's willing to pay more than the $21 billion that's already on the table. Bayer is struggling to reach that milestone as rival German drugmaker Merck KGaA, which isn't affiliated with the American drugmaker of the same name, has built up a stake in Schering over the last week. See full story. Mittal Steel's (MT : mittal steel co n v ny reg sh cl a News , chart, profile, more Last: 29.06-1.54-5.03%
4:15am 06/13/2006
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: MT29.06, -1.54, -5.0%) quest to win control of the world's number two steelmaker took another step after the publication of a profit forecast from 2006 to 2008. See story.
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