Global stock in­dex fu­tures sig­nal flat to lower open

The Pak Banker - - Front Page -


Stock in­dex fu­tures pointed to a flat to lower open on Wed­nes­day, with fu­tures for the S&P 500 down 0.22 per­cent, Dow Jones fu­tures down 0.13 per­cent and Nas­daq 100 fu­tures flat at 5.12 a.m. ET.

Euro­pean stocks inched lower in morn­ing trade, re­treat­ing for only the sec­ond time in eight ses­sions as re­newed wor­ries over the pace of U.S. bud­get talks prompted in­vestors to book a por­tion of their re­cent strong gains.

Deep di­vi­sions at the Fed­eral Re­serve were on dis­play on Tues­day, just two weeks be­fore the U.S. cen­tral bank's next pol­icy-set­ting meet­ing, with one top Fed of­fi­cial push­ing for more eas­ing, and an­other ad­vo­cat­ing lim­its.

US re­tailer Costco Whole­sale Corp is to pay a spe­cial div­i­dend of $7.00, worth a to­tal $3.0 bil­lion to in­vestors, it said when post­ing monthly same-store sales that beat fore­casts.

Mi­crosoft Corp has sold 40 mil­lion Win­dows 8 li­censes in the month since the launch, ac­cord­ing to one of the new co-heads of the Win­dows unit, set­ting a faster pace than Win­dows 7 three years ago.

Green Moun­tain Cof­fee Roast­ers Inc (GMCR.O) forecast quar­terly and full year earn­ings well ahead of an­a­lysts' ex­pec­ta­tions, helped by an ex­panded lineup of sin­gle­serve cof­fee mak­ers and drinks, send­ing its shares up 22 per­cent in af­ter- hours trade.

Cloth­ing maker PVH Corp (PVH.N) posted a big­ger quar­terly profit on Tues­day de­spite a slight drop in sales as its higher mar­gin Calvin Klein and Tommy Hil­figer busi­nesses grew faster, and its shares gained one per­cent in af­ter­hours trade.

De­fense con­trac­tor Lockheed Martin Corp (LMT.N) said Mar­il­lyn Hew­son, set to be­come chief ex­ec­u­tive on Jan­uary 1, would re­ceive an an­nual base salary of $1.38 mil­lion and a tar­get bonus per­cent­age of 175 per­cent in 2013.

Ad­vanced Mi­cro De­vices Inc (AMD.N) plans to sell and lease back its cam­pus in Austin, Texas, to raise cash and fund its chip­mak­ing busi­ness as it di­ver­si­fies be­yond the strug­gling PC in­dus­try into new mar­kets.

Nokia said on Wed­nes­day that an ar­bi­tra­tor has ruled in its fa­vor in a patent dis­pute with Black­Berry-maker Re­search In Mo­tion (RIM) (RIM.RO) over use of Nokia's patents re­lated to wire­less lo­cal ac­cess net­work (WLAN) tech­nol­ogy.

Shares in en­ergy drink maker Mon­ster Bev­er­age Corp (MNST.O) soared more than 13 per­cent on Tues­day on com­ments by the U.S. Food and Drug Ad­min­is­tra­tion that did not sug­gest any im­me­di­ate ac­tion against mak­ers of the caf­feinated drinks, although the reg­u­la­tor will con­sider adding warn­ings and more in­for­ma­tion on the drink la­bels.

Jeff Zucker, a former head of NBCUniver­sal and the pro­ducer of Katie Couric's talk show, will be named pres­i­dent of Time Warner Inc's (TWX.N) rat­ings-starved CNN ca­ble news chan­nel, a source close to the sit­u­a­tion said on Tues­day.

US stocks slid on Tues­day in a choppy ses­sion, los­ing ground in the last hour be­fore the close af­ter Se­nate Ma­jor­ity Leader Harry Reid ex­pressed dis­ap­point­ment that there has been "lit­tle progress" in deal­ing with the "fis­cal cliff."

The Dow Jones in­dus­trial av­er­age (^DJI) fell 89.24 points, or 0.69 per­cent, to 12,878.13 at the close.

The S&P 500 (^GSPC) dropped 7.35 points, or 0.52 per­cent, to fin­ish at 1,398.94. The Nas­daq Com­pos­ite (^IXIC) lost 8.99 points, or 0.30 per­cent, to end at 2,967.79.

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