By Anora Mahmudova and Sara Sjolin, MarketWatch
Wal-Mart downgraded by Barclays
NEW YORK (MarketWatch) -- U.S. stock futures pointed to a weaker
open on Wall Street Friday as investors remained on the sidelines
ahead of U.S. PMI data and what looks like a last-chance meeting
for Greece.
The main indexes were on track to finish the holiday-shortened
week roughly where they started it.
Futures for the Dow Jones Industrial Average (DJH5) dropped 30
points to 17,929, while those for the S&P 500 index (SPH5)
slipped 4 points to 2,089.50. Futures for the Nasdaq 100 index
(NDH5) were off 4 points to 4,409.
The small moves mirrored the trading session on Thursday
(http://www.marketwatch.com/storyno-meta-for-guid), when the Dow
average (DJI) and S&P 500 index (SPX) ended slightly lower,
while the Nasdaq ended on a positive note for a seventh straight
session.
Key decision on Greece: The debt standoff between Greece and its
eurozone partners has grabbed most investors' attention this week,
but so far hasn't created a major shake-up in the financial
markets. The European indexes eyed advances for the most part. The
lack of market response is partly because the risk of contagion is
much lower
(http://www.marketwatch.com/story/this-is-the-eurozone-risk-investors-are-ignoring-2015-02-19)
than in 2011 and 2012, MarketWatch's William Watts explains.
Eurozone finance ministers are scheduled to meet in Brussels at
3 p.m. local time, or 9 a.m. Eastern Time, to discuss the latest
proposal from Greece on extending its loan agreement. The request
was submitted on Thursday, but rebuffed shortly after that by
Germany
(http://www.marketwatch.com/story/cracks-still-evident-as-germany-rebuffs-greek-extension-plan-2015-02-19),
which said it wasn't a "substantial proposal for a solution".
European markets were mixed ahead of Friday's Eurogroup meeting
(http://www.marketwatch.com/storyno-meta-for-guid), with Greece's
Athex Composite index up 0.8% to 863.68.
Data: There is only one major data point to monitor on Friday --
the flash purchasing managers index for February that comes out at
9:45 a.m. Eastern Time. The final January reading came in at 53.9,
above the 50 level that separates expansion from contraction.
PMIs out of the eurozone showed business activity in the
currency union grew
(http://www.marketwatch.com/story/european-economy-shows-signs-of-revival-2015-02-20)
at a faster pace in February than expected, to reach a seven-month
high.
Earnings: Tractor manufacturer Deere & Co.(DE) was down
slightly after a lowered outlook offset a profit beat.
Wal-Mart's(WMT) shares fell 1% premarket after analysts at
Barclays downgraded the company to equal weight from overweight and
cut the target price to $85 from $90.
Cabot Oil & Gas Corp.(COG) swung to a fourth-quarter loss
amid plunging oil prices and cut its growth outlook. The company
said it slashed its capital budget for 2015 to $900 million from
about $1.5 billion it expected to spend in October.
Noodles & Co.(NDLS) tanked 25% in premarket trade after the
restaurant chain late Thursday reported fourth-quarter earnings
that fell short of estimates
(http://www.marketwatch.com/story/noodles-stock-plunges-after-results-outlook-disappoint-2015-02-19).
For more on notable movers, read our Movers & Shakers column
(http://www.marketwatch.com/story/deere-labcorp-cabot-oil-earnings-in-focus-2015-02-20).
Other markets: Oil (CLH5) ticked higher on Friday, but was still
looking at its first weekly loss in a month
(http://www.marketwatch.com/storyno-meta-for-guid).
Gold prices (GCJ5) were slightly higher, while the dollar (DXY)
traded mixed against other major currencies.
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