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- Before the bell: Stocks poised to ease lower
Before the bell: Stocks poised to ease lower
U.S. stocks were headed for early losses Thursday, as investors responded to disappointing quarterly reports from Cisco Systems, PepsiCo and Credit Suisse.
On Wednesday, the Dow inched higher for an eighth straight session of gains. But the S&P 500 and Nasdaq finished lower, as investors took a breather from their recent streak.
Companies: Shares of Cisco Systems (CSCO) slipped 8% in premarket trading after the network equipment maker posted a quarterly profit late Wednesday that fell from year-earlier results, although they beat Wall Street's forecasts.
Credit Suisse (CS) was under pressure after the financial services company reported quarterly results that disappointed investors. The bank's asset management division also adjusted its target for return on equity this year, citing the "new regulatory environment." U.S.-listed shares were down 5% ahead of the opening bell.
PepsiCo (PEP) said fourth-quarter earnings fell 6% to 85 cents per share and issued a disappointing outlook.
Whole Foods was up almost 10% in premarket trading after the grocery chain reported first-quarter results that beat expectations and raised its sales and earnings outlook for the year.
Analysts surveyed by Thomson Reuters expect Philip Morris (PM) to report earnings per share of 96 cents on revenue of $7.27 billion.
After the closing bell, analysts expect Kraft Foods (KFT) to report earnings per share of 46 cents on $13.47 billion in revenue.
Economy: A weekly government report showed that the number of Americans filing first-time claims for unemployment benefits fell to 383,000 last week -- the lowest number in two-and-a-half years.
World markets:
Oil for March delivery slipped 40 cents to $86.30 a barrel.
Gold futures for April delivery fell $8.10 to $1,357.30 an ounce.
The price on the benchmark 10-year U.S. Treasury was steady, leaving the yield unchanged from Wednesday at 3.64%.
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