Bank of America, DELL, ANN, DHI, SJM, GPS Stk Futures Mixed Before the Bell
U.S. stock futures on Friday pointed to a weaker start, hurt in part by Dell’s worse-than-forecast profit drop as traders move toward safer securities like bonds.
S&P 500 futures fell 8.2 points to 1,086.10 and Nasdaq 100 futures fell 11 points to 1,759.20. Futures on the Dow Jones Industrial Average fell 71 points.
An analyst’s downgrade of semiconductor sectors contributed to a broad retreat in U.S. equities on Thursday, as the Dow Jones Industrial Average fell 93 points, the S&P 500 dropped 14 points and the Nasdaq Composite tumbled 36 points.
Bank of America Corp. plans to sell $460 million of securities backed by commercial real estate without relying on a U.S. program to aid lending, three days after the first sale of the debt in more than a year. Bank of America Corp. (NYSE:BAC, $16.08, -$0.27, -1.65%) fell 0.62 percent to $15.98 on Friday morning pre-market trading session, even on Thursday, shares of Bank of America declined 1.65 percent and closed on $16.08, BofA fell 6.29 percent in the past one month trading.
Shares of Dell Inc. fell Friday after it reported weaker-than-expected revenue and profit for the third quarter as the computer maker missed out on a fledgling rebound in technology spending. Late Thursday, Dell reported a net income of $337 million, or 17 cents per share, compared with $727 million, or 37 cents a share, in the same period a year ago. Excluding one-time items, Dell posted earnings of 23 cents per share. Dell Inc. (NASDAQ:DELL, $15.87, -$0.19, -1.18%) dropped 6.81 percent to $14.79 on Friday morning pre-market trading session, even on Thursday, Dell Inc. shares were down 1.18 percent and closed on $15.87.
Ann Taylor Stores Corp. reported third quarter net income of $2.07 million or $0.03 per share, compared to net loss of $13.45 million or $0.24 per share last year. Net income, excluding items, was $12 million or $0.20 per share, compared to $1.6 million or $0.03 per share in the same quarter last year. AnnTaylor Stores Corp. (NYSE:ANN, $13.81, +$0.03, 0.22%) fell 6.01 percent to $12.98 on Friday morning pre-market trading session, while on Thursday, shares of AnnTaylor rose 0.22 percent and closed on $13.81.
D.R. Horton Inc. said Friday its loss in its fiscal fourth quarter narrowed despite a plunge in revenue as the homebuilder wrote down fewer costs. The loss for the quarter ended in September was $231.9 million, or 73 cents per share, compared with a loss of $799.9 million, or $2.53 per share, a year earlier. Chairman Donald Horton said market conditions are still challenging. D.R. Horton, Inc. (NYSE:DHI, $12.25, -$0.12, -0.97%) dropped 6.53 percent to $11.45 on Friday morning pre-market trading session, even on Thursday, D.R. Horton shares were down 0.97 percent and closed on $12.25.
The J. M. Smucker Co. said its second-quarter net income grew to $140.0 million or $1.18 per share from $51.45 million or $0.94 per share last year. The J.M. Smucker Co. (NYSE:SJM, $53.48, -$0.19, -0.35%) rose 4.71 percent to $56.00 on Friday morning pre-market trading session, while on Thursday, shares of J.M. Smucker fell 0.35 percent and closed on $53.48.
The Gap (GPS) reported a 25% profit rise after controlling inventory to reduce discounts and improved demand at its Old Navy division. The Gap Inc. (NYSE:GPS, $21.86, -$0.44, -1.97%) dropped 0.27 percent to $21.80 on Friday morning pre-market trading session, even on Thursday, The Gap shares were down 1.97 percent and closed on $21.86.
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