* Achillion Pharma jumps on hepatitis C drug trial results
* Qualcomm near deal with China on antitrust dispute
* Futures off: Dow 105 pts, S&P 12 pts, Nasdaq 24 pts (Adds quote, updates prices)
By Chuck Mikolajczak
NEW YORK, Feb 9 (Reuters) – U.S. stocks were poised for a lower open on Monday, on the heels of disappointing economic data out of China and signs of rising tensions surrounding Greek debt negotiations.
Greece’s Prime Minister Alexis Tsipras on Sunday ruled out any extension of its international bailout and announced moves to reverse some of the reforms imposed by its lenders. National Bank of Greece U.S.-listed shares dropped 10.7 percent to $ 1.08.
China’s exports fell 3.3 percent from a year ago while imports tumbled 19.9 percent, well short of expectations and raising concerns about the strength of the world’s second-largest economy.
“We are seeing heightened nervousness over the Greek elections and the policies that could make or break its EU membership,” said Andre Bakhos, managing director at Janlyn Capital LLC in Bernardsville, New Jersey.
“In addition, the Chinese economic data disappointed and added to the economic global weakness we have been seeing.”
U.S. stocks fell on Friday as stronger than anticipated monthly payrolls heightened expectations the U.S. Federal Reserve may hike interest rates by mid-year, but the three major indexes managed to notch gains for the week.
S&P 500 e-mini futures were down 12.5 points and fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract, indicated a lower open. Dow Jones industrial average e-mini futures fell 105 points and Nasdaq 100 e-mini futures lost 24 points.
McDonald’s lost 1.1 percent to $ 93 in premarket trade after the fast-food restaurant chain’s same-restaurant sales fell a steeper-than-expected 1.8 percent in January.
Achillion Pharmaceuticals jumped 10.4 percent to $ 11.94. Its experimental hepatitis C drug, when used in combination with Gilead Sciences Inc’s Sovaldi, eradicated signs of the virus after six weeks of therapy. Gilead shares shed 0.4 percent to $ 97.05 in premarket.
Qualcomm shares gained 2.1 percent to $ 67.72 in premarket trade. A source told Reuters the chipmaker is likely to pay China a record fine of around $ 1 billion, ending a 14-month government investigation into anti-competitive practices.
Hasbro Inc rose 3.2 percent to $ 57.50 in premarket trade after the second-largest U.S. toymaker reported a nearly 31 percent rise in quarterly profit and authorized additional share repurchases of $ 500 million.
Hotel, energy and financial services conglomerate Loews Corp reported a 13 percent fall in quarterly profit from continuing operations, mainly due to lower investment income.
Despite some high-profile earnings misses from large multinational companies, Thomson Reuters data through Feb. 6 shows that 73 percent of the 322 companies in the S&P 500 that have reported earnings have topped expectations. The beat rate for the past four quarters stands at 69 percent and fourth quarter earnings are expected to grow 6.4 percent.
Earnings are expected from 68 S&P 500 components this week, including Cisco Systems and Whole Foods Market.
(Editing by Bernadette Baum and Nick Zieminski)
- Investment & Company Information