U.S. Stock Futures Little Changed

On May 6, 2013, in S&P 500 futures news report, by Infinity Trading
emini s&p futures

S&P Futures Little Changed

May 6th, 2013

EMini S&P Futures – U.S. stock futures were little changed, after the Standard & Poor’s 500 Index traded above 1,600 for the first time last week and data showed American employers added more workers than forecast in April.

Intel Corp. (INTC) rose 1 percent after the world’s largest chipmaker offered to buy Finland’s Stonesoft Oyj for $389 million. Barrick Gold Corp. advanced 1.7 percent as the price of the metal rallied. Tyson Foods Inc. slumped 6.1 percent after posting second-quarter profit and sales missed estimates.

S&P 500 futures expiring in June fell less than 0.1 percent to 1,608.2 at 8:29 a.m. in New York. Contracts on the Dow Jones Industrial Average increased 2 points, or less than 0.1 percent, to 14,900 today.

“Markets are still digesting a bit on Friday’s payroll numbers as there’s a lack of market-moving events today,” Witold Bahrke, who helps oversee $55 billion as senior strategist at PFA Pension A/S in Copenhagen, said in a message. “The U.K. bank holiday also points to a relatively quiet start into the week.”

The S&P 500 (SPX) jumped 2 percent last week as U.S. payrolls expanded by 165,000 workers last month and revisions to the prior two months added a total of 114,000 jobs to the employment count. The median forecast of economists in a Bloomberg survey called for an increase of 140,000 positions. Global equities also rose as the European Central Bank cut its main refinancing rate.

Volumes plunged in European markets today with the U.K. closed for a public holiday. The number of shares changing hands in companies listed on the Stoxx Europe 600 Index was 67 percent lower than the average of the past 30 days, according to data compiled by Bloomberg.

EMini S&P Futures: Intel Offer

Intel gained 1 percent to $24.20. The Santa Clara, California-based company offered to buy Finland’s Stonesoft Oyj for $389 million in cash to expand the product offering of its McAfee security-software business.

Barrick, the Toronto-based company that is the biggest producer of gold, increased 1.7 percent to $20.34. Gold for June delivery advanced 0.6 percent to $1,472.80 an ounce.

Cliffs Natural Resources Inc. (CLF) added 3.2 percent to $20.54. The largest U.S. iron-ore producer was raised to outperform from market perform by FBR Capital Markets analyst Mitesh Thakkar, who cited higher confidence in the Cleveland-based company’s ability to withstand weak iron ore prices after meetings with management.

BMC Software Inc. rose 0.2 percent to $45.50. The software maker is in advanced talks to be taken private by Bain Capital LLC and Golden Gate Capital for less than $48 a share, according to a person with knowledge of the situation.

Tyson Foods tumbled 6.1 percent to $23.41. The largest U.S. meat processor reported earnings in the second quarter were 36 cents a share, missing the average analyst estimate by 9 cents. Sales were $8.42 billion, falling short of the $8.57 billion projected.

- Tom Stoukas in Athens and Inyoung Hwang in New York at Bloomberg.