US stock-index futures drop
Tuesday, 9 October 2007
NEW YORK Oct. 8 (Bloomberg): US stock futures fell after metal and oil prices declined, dimming the profit outlook for commodity companies, while concern grew that third-quarter earnings rose at a rate that won't justify this year's rally.
Freeport-McMoRan Copper & Gold Inc., the world's second- largest copper producer, slid after the metal retreated the most in a month. Occidental Petroleum Corp., the fourth-biggest US oil company, declined after crude slumped below $81 a barrel and Friedman, Billings, Ramsey & Co. downgraded the stock.
Analysts estimate third-quarter profits at S&P 500 companies rose an average 0.7 per cent from a year earlier, down from a forecast of 3.2 per cent growth last month, according to Bloomberg data. Alcoa Inc., the world's second-largest aluminum company, will be the first Dow Jones Industrial Average member to report earnings when it releases results tomorrow.
Freeport-McMoRan Copper & Gold Inc., the world's second- largest copper producer, slid after the metal retreated the most in a month. Occidental Petroleum Corp., the fourth-biggest US oil company, declined after crude slumped below $81 a barrel and Friedman, Billings, Ramsey & Co. downgraded the stock.
Analysts estimate third-quarter profits at S&P 500 companies rose an average 0.7 per cent from a year earlier, down from a forecast of 3.2 per cent growth last month, according to Bloomberg data. Alcoa Inc., the world's second-largest aluminum company, will be the first Dow Jones Industrial Average member to report earnings when it releases results tomorrow.