U.S. stock market futures fell Wednesday morning amid thin volumes. Investors, it seems, are happy to lock in profit and ride out the remaining two trading days of the week and the year. Trading is expected to remain light.
S&P 500 futures fell 4.7 points to 1117.00 and Nasdaq 100 futures fell 5.5 points to 1867.00. Futures on the Dow Jones Industrial Average fell 41 points.
The Dow Jones Industrial Average fell a point on Tuesday to end a seven-session winning run, with the S&P 500 also retreating a point and the Nasdaq Composite down 2 points. The losses came on a day when statistics were released showing the highest level of consumer confidence since December 2007 and the slowest year-on-year house price fall in two years.
The Food and Drug Administration has rejected trial data on an anti-infection drug from Johnson & Johnson (JNJ), according to Basilea Pharmaceuticals AG, the Swiss firm that licensed the drug to J&J and has an arbitration claim against the Dow component. Johnson & Johnson (NYSE:JNJ, $64.94, $0.00, 0.00%) fell 0.66 percent to $64.51 on Wednesday morning pre-market trading session, even on Tuesday, shares of Johnson & Johnson closed without any changes on $64.94.
Kforce said its subsidiary entered an agreement with the Department of Interior that terminates the Dec. 15 suspension of that unit from participating in new and renewed federal-government business. Kforce Inc. (NASDAQ:KFRC, $11.47, +$0.02, 0.17%) jumped 17.09 percent to $13.43 on Wednesday morning pre-market trading session, even on Tuesday, Kforce shares were up 0.17 percent, closed on $11.47.
MEMC Electronic Materials Inc. (WFR), a provider of silicon wafers and solar energy services, entered into a new revolving credit facility. The $250 million agreement, which has a term of three years, replaces the company’s $200 million revolving credit agreement that was scheduled to expire in June. MEMC Electronic Materials, Inc. (NYSE:WFR, $13.17, -$0.15, -1.13%) fell 0.53 percent to $13.10 on Wednesday morning pre-market trading session, even on Tuesday, shares of MEMC declined 1.13 percent, closed on $13.17
Tessera said the International Trade Commission affirmed the validity of three of its patents but said its expert’s methodology was insufficient to prove infringement of two of them by makers of dynamic random access memory chips. The commission said infringement of the third patent was proven regarding some but not all of the products in question, but because of patent exhaustion, the law was not violated. Tessera Technologies, Inc. (NASDAQ:TSRA, $23.89, -$0.19, -0.79%) dropped 11.22 percent to $21.21 on Wednesday morning pre-market trading session, even on Tuesday, Tessera shares were down 0.79 percent, closed on $23.89.
The U.K.’s Takeover Panel said Wednesday that it has extended a deadline under which the chocolate maker Cadbury can release material new information related to the takeover bid from Kraft. The panel said the deadline has been extended to Jan. 15 from Jan. 12 to enable the release of Cadbury’s detailed estimated trading results for 2009. The deadlines for the last day to send a revised offer and the date by which any offer must be declared unconditional remain Jan. 19 and Feb. 2 respectively. Cadbury plc (NYSE:CBY, $50.32, -$0.51, -1.0%) rose 0.28 percent to $50.46 on Wednesday morning pre-market trading session, while on Tuesday, shares of Cadbury fell 1.00 percent, closed on $50.32 and Kraft Foods Inc. (NYSE:KFT, $27.45, -$0.03, -0.11%) jumped 0.06 percent to $27.47 on Wednesday morning pre-market trading session, while on Tuesday, Kraft Foods shares were down 0.11 percent, closed on $27.45.
Broadcom Corp. (BRCM) said it will pay $160.5 million to settle charges related to the semiconductor maker’s stock-option accounting practices. The company agreed to settle the securities class-action litigation pending against it and some of its current and former officers and directors. Broadcom Corp. (NASDAQ:BRCM, $31.30, -$0.32, -1.01%) rose 0.32 percent to $31.40 on Wednesday morning pre-market trading session, while on Tuesday, shares of Broadcom fell 1.01 percent, closed on $31.30.
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