Oversold Wall Street is continuing its attempt to turn fortunes around even as the eurozone debt concerns are spreading rampantly like wildfire. The fears concerning default by some fiscally frail peripheral eurozone nations worsened following actions by some rating agencies. Markets may face difficulty finding direction, although some bounce is expected out of bargain hunting.
As of 6:30 am ET, the Dow futures are rising 44 point and the S&P 500 futures are up 5.20 points, while the Nasdaq 100 futures are gaining 10 points.
U.S. stocks extended their declines on Thursday, as insipid economic data and underlying concerns over Greece that got aggravated after Fitch's downgrade of Greece generated additional selling pressure.
In corporate news, social networking site Facebook will begin trading on the Nasdaq under the ticker the symbol 'FB' from today. The company's IPO has been priced at $38 per share, at the upper end of the estimated pricing of $34-$38 per share.
Marvell Technology (MRVL) reported first quarter results that exceeded estimates. Separately, the company announced initiation of a quarterly dividend and an increase in its share repurchase authorization by $500 million.
Brocade (BRCD) reported second quarter non-GAAP earnings of 15 cents per share on revenues of $543.4 million. The results topped expectations.
Autodesk's (ADSK) first quarter earnings met estimates, while its revenues were above expectations. The company's third quarter guidance was downbeat, while it also said it expects its full year net revenue to increase at least by 10 percent.
Intuit (INTU) reported third quarter earnings that beat estimates, while its revenues were about in line with estimates. The company's full year and fourth quarter guidance surrounded the consensus estimates.
Salesforce.com (CRM) reported first quarter non-GAAP earnings of 37 cents per share on revenues of $695 million. For the second quarter, the company expects non-GAAP earnings of 38-39 cents per share on revenues of $724 million to $728 million. Additionally, the company expects full year non-GAAP earnings of $1.60-$1.63 per share on revenues of $2.97 billion to $3 billion. The results were better than expected, while the guidance was also upbeat.
ViaSat (VSAT) reported a fourth quarter non-GAAP loss of 1 cent per share compared to earnings of 41 cents per share last year. Revenues climbed to $240.5 million from the year-ago quarter's $216.4 million. The earnings trailed expectations, while the revenue were above estimates.
Among retailers, Gap (GPS) reported better than expected first quarter results. The company raised its 2012 earnings per share guidance, which however is below the consensus estimate. Pacific Sunwear (PSUN) reported a narrower than expected adjusted loss for its first quarter and revenues that exceeded expectations. The company forecasts a loss for its second quarter, which is narrower than what analysts are estimating.
Hot Topic (HOTT) reported first quarter earnings that beat estimates, while its revenues were about in line with expectations.
JDA Software (JDAS) said it received a Nasdaq letter for non-compliance with listing standards, which mandates timely filing of financial reports. The company now has to submit an update plan of compliance by May 30th, 2012.
Boston Scientific (BSX) announced that the U.S. FDA approved its vascular self-expanding stent system.
The major Asian markets tumbled, as Greek worries and eurozone debt concerns intensified after Fitch downgraded its rating on Greece to 'CCC' from 'B-'and Moody's downgraded 16 Spanish banks, citing reduced ability of the government to provide support. Additionally, weak U.S. data from overnight also dampened spirit.
Japan's Nikkei 225 average closed 265.28 points or 2.99 percent lower at 8,611, representing a 4-month low. Australia's All Ordinaries ended down 109.70 points or 2.61 percent at 4,099, the lowest level since early October 2011. Hong Kong's Hang Seng Index slid 249.08 points or 1.30 percent before closing at 18,952.
The major European markets are also lower, with the French CAC 40 Index and the German DAX Index trading modestly lower, while the U.K.'s FTSE 100 Index is down over a percent.
Crude oil is nearly flat, while gold is seeing incremental strength and currencies are seeing flattish performance.
by RTT Staff Writer
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