Stocks Seen Lower, Weighed by TI Outlook


NEW YORK (Reuters) - U.S. stock futures pointed to a slightly lower open on Tuesday with technology stocks set to face pressure after Texas Instruments Inc. (TXN.N: Quote , Profile , Research ) trimmed its quarterly earnings target. The update on Monday from Texas Instruments, the world's largest maker of chips for cell phones, dampened some investors' mood after the regular session. Its shares slid more than 3 percent in overseas trading. Meanwhile, in its first earnings report as a publicly traded company, Las Vegas Sands Corp. (LVS.N: Quote , Profile , Research ) said its fourth-quarter profit rose sharply, topping Wall Street estimates, helped by revenue from its casinos in Las Vegas and Macau. S&P 500 futures (SPH5: Quote , Profile , Research ) fell 1.9 points, below fair value accounting for interest rates, dividends and time to expiration on the contract, indicating the S&P would open lower. Dow Jones industrial average futures (DJH5: Quote , Profile , Research ) were down 12 points, while Nasdaq 100 (NDH5: Quote , Profile , Research ) fell 2.5 points. "The futures are lower predominantly due to the chip sector and the bearish outlook from TI," said Tom Hougaard, market strategist at City Index. "The tech sector has seen some cross currents lately, a lot of headwinds and tail winds." Hougaard was not discouraged by the slow start on Tuesday, saying he expected the Dow to hit 11,000 points this week. Oil prices eased on Tuesday as U.S. crude stocks looked set to rise for the fourth week in a row, but held above $53 on growing signals that OPEC was unlikely to boost output to tackle soaring energy bills. U.S. light crude (CLc1: Quote , Profile , Research ) traded down 57 cents at $53.32 a barrel as dealers snapped up profits after Monday's $53.89 close, the highest in four months. Hard-disk maker Seagate Technology (STX.N: Quote , Profile , Research ) rose nearly 1 percent higher after hours on Monday after it raised its third quarter revenue and profit outlook. Dick's Sporting Goods Inc. (DKS.N: Quote , Profile , Research ) fell nearly 4 percent to $33.62. For the first quarter, the retailer forecast a per-share profit of 18 to 20 cents excluding merger integration and store closing costs. The Wall Street view for the first quarter was for a per-share profit of 23 cents. On Monday, the Nasdaq closed at its highest in 7 weeks and the S&P 500 added to Friday's high, closing at its loftiest since July 2001. On Friday, both the S&P and blue-chip Dow closed at their highest levels in more than 3 1/2 years. The Dow Jones industrial average closed down 3.69 points, or 0.03 percent, at 10,936.86.
Quelle "Stocks Seen Lower, Weighed by TI Outlook" : reuters.com

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