Stock Futures Defensive Ahead of Earnings Season

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Stock futures on Monday were extending Friday's post-jobs data sell-off with weakness exacerbated by valuation concerns in momentum stocks, as well as jitters before what is expected to be a disappointing Q1 earnings season. Lingering pressure on technology stocks continues to cause the Nasdaq underperform its blue-chip counterpart with social-media stocks again in negative territory.

In corporate news, Ireland's Mallinckrodt ( MNK ) made a $5.6 billion offer for Questcor Pharmaceuticals ( QCOR ), Mannkind ( MNKD ) shares stumbled on news that the FDA was extending the review date for its insulin inhaler by another three months and cloud-marketing software developer Vocus ( VOCS ) agreed to be acquired by private-equity firm GTCR for $18 per share.

-Dow Jones Industrial down 0.31%


-S&P 500 futures down 0.39%

-Nasdaq 100 futures down 0.81%

SENTIMENT

Nikkei down 1.69%

Hang Seng down 0.59%

Shanghai Composite up 0.74%

FTSE-100 down 0.68%

DAX-30 down 1.39%

PRE-MARKET SECTOR WATCH

(-) Large cap tech: lower

(-) Chip stocks: lower

(/-) Software stocks: lower

(+/-) Hardware stocks: mixed

(-) Internet stocks: lower

(+/-) Drug stocks: mixed

(-) Financial stocks: lower

(-) Retail stocks: lower

(-) Industrial stocks: lower

(-) Airlines: flat

(-) Autos lower

UPSIDE MOVERS:

(+) AGIO (+25.42%) A study on the AG-221 drug for blood cancer showed "promising" clinical activity.

(+) QCOR (+26.96%) Mallinckrodt ( MNK ) makes $5.6 billion for Questcor Pharmaceuticals.

(+) VOCS (+47.37%) To be bought by GTCR for $18 per share

DOWNSIDE MOVERS:

(-) MAT (-2.94%) Downgraded by BMO Capital to Underperform from Market Perform.

(-) MNKD (-12.81%) FDA delays approval of insulin inhaler for three months



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: MNK , QCOR , MNKD , VOCS

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As of 12/17/2014, 04:15 PM


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