Stock futures dip on concerns about Greece
Oct 3, 2011, 4:13 a.m.
By Ryan Vlastelica
NEW YORK (Reuters) - Stock index futures were modestly lower on Monday, extending equities losses from the previous session as concerns over Greece's teetering finances returned to the forefront.
* Draft budget figures showed Greece would miss its deficit targets for both this year and next, which could force the country to seek more bailout funds from international lenders. If it fails to get additional financing, the government may be forced to default, an outcome that could accelerate a slide back into global recession.
* Concerns over sovereign debt problems in the euro zone have pressured U.S. equities recently, and contributed to Wall Street's worst quarter since the depths of the financial crisis in 2008.
* European shares were down 1.6 percent early Monday while Morgan Stanley, an investment bank with exposure to European banks, lost 1 percent to $13.38. Gold, viewed as a hedge in times of risk, climbed 2.4 percent and rose for a third day.
* S&P 500 futures fell 2.8 points and were slightly below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures dropped 15 points, and Nasdaq 100 futures took off 11,25 points.
* Yahoo Inc rose 8.6 percent to $14.30 in premarket trading. The founder and chief executive of Chinese e-commerce giant Alibaba , said Friday he was keen to buy the company and has talked with other potential buyers about options.
* Investors looked ahead to September data on manufacturing from the Institute for Supply Management, seen coming in at 50.5, versus 50.6 last month. The data is due at 10 a.m. EDT. September vehicle sales are also on tap.
* On the upside, Eastman Kodak surged 46 percent to $1.14 premarket after losing half their value on Friday. The photography company has hired a law firm specializing in bankruptcy, triggering speculation it could file. Kodak denied it has a bankruptcy plan.
* U.S. stocks fell more than 2 percent on Friday as weak economic data from China sparked fears of a global economic slowdown while Morgan Stanley plummeted on concerns about its exposure to European banks.
(Editing by Jeffrey Benkoe)