U.S stocks futures are pointed to a weaker start after Dell’s worse-than-estimated loss. S&P 500 futures slipped 5.90 points to 1,088.40 and Nasdaq 100 futures fell 7.25 points to 1,763.00. Futures on the Dow Jones Industrial Average dropped 47 points to 10,280.00.
Yesterday, Dell Inc. (NASDAQ: DELL) reported net income of $337 million or $0.17 a share versus $727 million or $0.37 a share, a year ago quarter. While its net revenue for the quarter fell 15% to $12.90 billion from $15.16 billion in the prior-year quarter. Both these numbers were well below the analysts estimates of $0.28 a share on net revenue of $13.18 billion.
In pre-market trading, shares of DELL are down 6.36%.
Also, The Gap Inc. (NYSE: GPS) third quarter sales rose 0.8% to $3.59 billion and net income rose 25% to $307 million or 44 cents a share.
Intuit Inc. (NASDAQ: INTU) first quarter revenues rose 2.5% to $493 million and net loss was $68 million or 21 cents a share.
After yesterday’s drop of over 2% a barrel, oil futures fell a further 51 cents to below $77 a barrel in electronic trading.
United States Oil Fund LP (ETF) (NYSE: USO) fell 1.21% to $39.18 in the pre market session.
Also Gold futures dropped $4.10 to $1,137.80. Given this, SPDR Gold Trust (ETF) (NYSE: GLD) could see some selling pressure.
