-- Stock futures get a lift from gains in European markets
-- Europe mostly up, but rise in Spanish bond yields kept gains in check
-- Small-business optimism slips; data on import prices on tap
NEW YORK--U.S. stock futures advanced, buoyed by gains in European
markets, but a cautious mood prevailed due to increasing worries about
Spain's debt crisis.
Dow Jones Industrial Average futures rose 53 points, or 0.4%, to 12363.
Standard & Poor's 500-stock index futures gained 4 points, or 0.3%, to
1304 and Nasdaq 100 futures tacked on 9 points, or 0.4%, to 2519.
Changes in stock futures don't always accurately predict stock moves
after the opening bell.
The National Federation of Independent Business's small-business
optimism index slipped to 94.4 in May from 94.5 in April. The median
estimate of economists surveyed by Dow Jones Newswires was for an
unchanged reading.
Data on import prices for May, due out at 8:30 a.m. EDT, are expected
to decline 1.1%. Federal budget data due at 2 p.m. is expected to show
a deficit of $125 billion in May.
European markets were mostly higher, though a rise in Spanish bond
yields indicated investors remained unsettled about the implications
of Spain's bank bailout. The Stoxx Europe 600 was up 0.3% and Spain's
IBEX-35 added 0.5%.
Meanwhile, the yield on 10-year Spanish government bonds rose above
6.6%, within striking distance of the all-time high yield of 6.72%.
Investors worried that the need to bailout the country's banks means
Spain might need a bailout of its own. Italian bond yields also rose
sharply on contagion fears.
Asian markets were broadly lower, pulling back from sharp gains in the
previous session, as enthusiasm over Spain's bank bailout waned.
Japan's Nikkei Stock Average shed 1% and China's Shanghai Composite
gave up 0.7%.
Crude-oil futures slipped 0.4% to $82.41 a barrel, while gold futures
gave up 0.3% to $1590.10 an ounce. The U.S. dollar lost ground against
the euro but rose against the yen.
In corporate news, shares of Facebook rose 0.7% in premarket trading.
The social media giant's stock closed Monday down 0.3% at $27.02, or
29% below its $38 initial public offering price.
Texas Instruments narrowed its second-quarter earnings and revenue
outlook ranges, while leaving the midpoints of the outlooks intact.
The semiconductor maker's stock was still inactive ahead of the open.
Michael Kors Holdings climbed 13% after the company reported fiscal
fourth-quarter results that exceeded analyst expectations and provided
a first-quarter outlook that was above current forecasts.
FactSet Research shed 4.4% after the company reported fiscal
third-quarter earnings that topped estimates, but gave a somewhat
downbeat outlook for fourth-quarter revenue.
Juniper Networks tacked on 2.1% after the telecom-equipment company
announced a new stock repurchase program of up to $1 billion. As of
March 31, there was $162.2 million remaining from the $1 billion
buyback program announced in 2010.
Write to Tomi Kilgore at tomi.kilgore@dowjones.com
HOT STOCKS TO WATCH
Among the companies with shares expected to actively trade in
Tuesday's session are Shanda Games Ltd. (GAME), Juniper Networks Inc.
(JNPR) and Majesco Entertainment Co. (COOL).
Shanda Games' first-quarter earnings rose 7.6% as the Chinese game
developer's revenue continued to grow and as margins strengthened.
Shares rose 5.9% to $4.29 after hours as earnings beat analyst
expectations.
Juniper unveiled plans to repurchase up to $1 billion of the company's
stock. Shares were up 1.2% to $16.59 after hours.
Majesco's fiscal second-quarter earnings rose 30% as the videogame
maker saw its bottom line benefit from fewer charges related to
warrants, though revenue and margins declined. Shares slipped 1.1% to
$1.87 after hours as the company also lowered its full-year earnings
estimates.
Watchlist:
Agrium Inc. (AGU) said it expects its earnings for the first half of
the year to be at or near the top-end of its expectations, pointing to
strong results across its crop-input business.
Online jeweler Blue Nile Inc. (NILE) said it hired Julie Yoakum as its
newly titled chief merchandising officer, replacing Senior Vice
President Susan Bell, who is retiring this month.
BioMed Realty Trust Inc. (BMR) has agreed to acquire Granta Park, a
life-science research park in Cambridge, England, for approximately
126.8 million pounds, or $196 million, as the real-estate investment
trust continues to grow its portfolio in large research markets.
DynaVox Inc. (DVOX) has promoted its operating chief, Michelle Heying,
to chief executive officer, effective immediately.
Finisar Corp. (FNSR)'s fiscal fourth-quarter earnings fell 20% as the
telcommunications-equipment provider was hurt by weaker margins and as
weak telecom revenue offset improvement in its data-communications
business.
Sigma Designs Inc. (SIGM) said it has terminated its
shareholder-rights plan and decided to separate the roles of chairman
and chief executive.
Stage Stores Inc.'s (SSI) board approved an 11% increase in the
department-store operator's quarterly dividend.
Texas Instruments Inc. (TXN) narrowed its second-quarter guidance
around its prior midpoint--the first time in about a year the company
has done so as business rebounds from its recent lows.
Write to Nathalie Tadena at nathalie.tadena@dowjones.com
(END) Dow Jones Newswires
June 12, 2012 06:55 ET (10:55 GMT)
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