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/ 87.118.101.* / 2010-06-16 14:03
U.S. Stock-Index Futures Drop; International Game Shares Fall
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June 16 (Bloomberg) -- U.S. stock-index futures dropped, indicating the Standard & Poor’s 500 Index will retreat from a four-week high, before reports on home construction and industrial production.
International Game Technology, a maker of computerized casino gaming systems, declined 2 percent in German trading after Goldman Sachs Group Inc. advised clients to sell the shares. Coca-Cola Enterprises Inc. fell 1.3 percent after the world’s largest soft-drink bottler updated shareholders on its earnings forecast.
Futures on the S&P 500 expiring in September lost 0.4 percent to 1,104.8 as of 7:16 a.m. in New York. Dow Jones Industrial Average futures declined 0.3 percent to 10,299 and Nasdaq-100 Index futures retreated 0.3 percent to 1,886.75.
Some investors “remain cynical as to the sustainability of the economic improvement as the stimulus programs wear off and spending cuts begin to take their toll,” said Jonathan Jackson, the head of equities at Killik & Co. in London.
The S&P 500 rallied 2.4 percent yesterday to 1,115.23, the highest close since May 18. The advance sent the index about 6.5 points above its average level in the past 200 days, a move considered significant by investors who base trading decisions on chart patterns.
Debt Crisis
The gauge tumbled 14 percent from a 19-month high on April 23 through June 7 as concern grew that Europe’s debt crisis will derail the economic recovery and BP Plc’s leaking well in the Gulf of Mexico triggered the worst oil spill in U.S. history. The S&P 500 has since rebounded 6.2 percent as concern over European budget deficits eased and investors speculated growth in China and the U.S. will bolster the global recovery.
Industrial production probably increased in May by the most in four months, showing U.S. manufacturers are overcoming the fallout from the European debt crisis, economists said before a Federal Reserve report due at 9:15 a.m. in Washington.
Output at factories, mines and utilities rose 0.9 percent in May, the biggest gain since January and the 10th increase in the past 11 months, according to the median estimate of 82 economists surveyed by Bloomberg News. Other reports may show wholesale prices and home construction declined last month.
International Game declined 2 percent to $19.20 in German trading. Goldman Sachs cut its recommendation on the shares to “sell” from “neutral.”
Coca-Cola Enterprises retreated 1.3 percent to $26.16 in Germany. The company said it sees full-year earnings per share increasing 10 to 12 percent in 2010, on a comparable and currency-neutral basis. The company had seen 2010 comparable earnings per share up 10 percent excluding currency swings.
Genoptix Inc. fell 3.6 percent to $22.06 in pre-market New York trading. The company said it expects a second-quarter profit of about 30 cents a share. The average estimate of analysts surveyed by Bloomberg was a profit of 40 cents a share.
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