Associated Press
Stocks Are Set to Open Lower
Thursday September 9, 6:44 am ET
NEW YORK (AP) -- U.S. stocks are seen lower at the open Thursday as traders get a handle on Federal Reserve Chairman Alan Greenspan's testimony Wednesday.
Dow Jones futures dropped 29 points recently, while Nasdaq futures slipped 5.50 points and Standard & Poor's futures declined 3 points.
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In London, the FTSE fell 22 points to 4536.4 recently as investors grapple with some downbeat disclosure and adopt a cautious approach ahead of the BoE rate decision. Also, security concerns grow after a bomb attack near the Australian Embassy in Jakarta.
In Japan, the benchmark Nikkei 225 Stock average plummeted 108.23 points, or 1 percent, at 11170.96 as a much weaker-than-expected Japan July machinery orders data released heightened fears about a domestic economic outlook.
In U.S. corporate news, Corning Inc. reaffirmed its third-quarter guidance, but also said sales of LCD glass could rise more slowly than expected due to maintenance issues on machines to make the glass.
Texas Instruments Inc. lowered its third-quarter sales guidance. The Dallas-based company trimmed its quarterly revenue outlook and is now expecting revenue of $3.1 billion to $3.24 billion, and earnings of 27 cents a share to 29 cents a share.
Ulticom Inc. said it saw net income for the second quarter more than triple. The company posted earnings of $4 million, compared to $1.3 million a year earlier, or 9 cents a diluted share versus 3 cents a diluted share a year ago.
For Thursday, National Semiconductor Corp. is expected to report first-quarter earnings of 26 cents a share before the bell.
Quicksilver Inc. is expected to report third-quarter earnings of 29 cents a share and Take-Two Interactive Software Inc. is expected to report third-quarter earnings of 30 cents a share, both after the market closes.
The Labor Department is due to release the jobless claims data at 8:30 a.m. EDT.
The Labor Department is also due to release the import price index for August at 8:30 a.m. EDT.
The Commerce Department is due to release the wholesale trade report at 10 a.m. EDT.
Stocks finished lower, with selling especially heavy among consumable makers like Dean Foods Co. and Coca-Cola Co.
The Dow Jones Industrial Average dropped 29.43 points, or 0.28 percent, to 10313.36, the Nasdaq Composite Index fell 7.92, or 0.43 percent, to 1850.64 and the Standard & Poor's 500 Index lost 5.03, or 0.45 percent, to 1116.27.