Wachovia Pushes Futures Lower .
By Cnbc.com
CNBC.com
| 14 Apr 2008 | 06:28 AM ET
U.S. stock index futures were in the red Monday after Wachovia reported disappointing results, dealing another blow to confidence in the financial sector.
Wachovia reported a loss of 20 cents per share in the first quarter, and a loss of 14 cents excluding items. Analysts polled by Thomson Financial had expected it to post a profit of 40 cents a share. It also said it plans to raise capital via a public offer and that it will cut its dividend.
The stock fell 0.7 percent in German trading.
Asian markets tumbled on Monday, suffering after General Electric's disappointing earnings, while European markets also started the week in the red.
In merger and acquisition news, Delta and Northwest could announce a combination as early as Tuesday that would create the world's biggest airline, but talks still depend on discussions with trade unions, sources familiar with the situation said at the weekend.
Blockbuster , the number one U.S. movie rental chain, said it made an offer to buy electronics retailer Circuit City Stores for a price within the range of $6 per share to $8 per share.
And Manitowoc , a maker of cranes and restaurant equipment, has agreed to acquire British food equipment maker Enodis for around 948 million pounds ($1.9 billion), the company said.
Other companies reporting earnings on Monday include BlackRock and Charles Schwab .
On the economy front, retail sales for March are due at 8:30 am New York time and are expected to nudge up by 0.1 percent from February's 0.6 percent fall.
At 10 business inventories for February will come out and are forecast to have advanced by 0.4 percent, lower than January's 0.8 percent rise. |
