US stock futures signal lower open; retail data eyed

Thu, Feb 12 2009, 10:39 GMT
http://www.afxnews.com

* U.S. stock index futures pointed to a lower open on Wall Street on Thursday, as investors braced for retail sales data that could shed light on the extent of the damage from the recession on consumer spending.

* At 1000 GMT, futures for the S&P 500 were down 0.9 percent, Dow Jones futures had fallen 0.7 percent and Nasdaq 100 futures were down 0.8 percent.

* Grim data on revived fears about the outlook for the global economy on Thursday. Japanese wholesale prices dropped in the year to January, the first such drop in five years, bringing the world's second-largest economy closer to its second bout of deflation in a decade, as the economy slips deeper into recession.

* Economic indicators on tap for Thursday include weekly jobless claims data and a government report on retail sales. On the earnings side, companies reporting results include Aetna Inc , Marriott International, Coca-Cola Company and Viacom.

* General Motors Corp has been in talks with China's SAIC Motor Corp about the possible sale of a share of GM's stake in their joint venture or other assets as the U.S. automaker races to raise cash, two sources familiar with the discussions said.

Shares in General Motors in Frankfurt were up 2.4 percent.

* Sirius XM Radio Inc's Chief Executive Mel Karmazin has approached DirecTV Group Inc and Liberty Media in an effort to fend off bankruptcy as well as a bid by EchoStar Corp's Charlie Ergen, media reports said on Wednesday.

* Video game publisher Activision Blizzard Inc forecast 2009 earnings to fall far short of Wall Street expectations as consumers trimmed spending and retailers avoided overstocking, sending its shares down 5 percent in extended trading on Wednesday.

* U.S. stocks rose in a choppy session on Wednesday after lawmakers reached a compromise deal on a $789 billion stimulus package that is seen as crucial to reviving the recession-hit economy.

* The Dow Jones industrial average gained 50.65 points, or 0.64 percent, to 7,939.53. The Standard & Poor's 500 Index climbed 6.58 points, or 0.80 percent, to 833.74. The Nasdaq Composite Index added 5.77 points, or 0.38 percent, to 1,530.50.

* The Dow is up 6.6 percent from its Nov. 21 low while the S&P is up 12.5 percent. The blue-chip index is down 0.8 percent for the month and 9.5 percent year-to-date.

(Reporting by Blaise Robinson; editing by Karen Foster) Keywords: MARKETS STOCKS US EUROPE

(blaise.robinson@reuters.com ; +33 1 4949 5269, Reuters Messaging: blaise.robinson.reuters.com@reuters.net)

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited For more information and to contact AFX: www.afxnews.com and www.afxpress.com