Oil prices may move stock market lower - East Valley Tribune: Business

Oil prices may move stock market lower

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Posted: Monday, September 20, 2004 6:27 am | Updated: 4:31 pm, Thu Oct 6, 2011.

NEW YORK - Stocks are seen opening lower Monday after the Dow Jones industrial average eased last week, including a slight gain Friday, as oil prices rose on supply concerns in the wake of Hurricane Ivan.

Dow Jones futures fell 33 points recently, while Nasdaq futures were down 7 points and S&P futures dropped 4.60 points.

In London, the FTSE declined 27.10 points to 4563.9 after consumer products company Unilever N.V. issued a profit warning and oil prices topped $46 a barrel.

In Japan, the Nikkei 225 Stock index was closed for a public holiday.

In U.S. corporate news, chip maker PMC-Sierra Inc. slashed its third-quarter revenue forecast, citing recent reductions in the planned deployment rates of DSL equipment by Asian service providers. The company said it now expects revenue of $71 million to $73 million, down from an earlier forecast of $86 million to $92 million.

Eon Communications Corp. rose after the Linux-based server manufacturer said it expects to return to profitability in the first quarter of fiscal 2005.

IAC/InterActiveCorp. rose before falling back down to its closing price after the company said two directors resigned from its board to avoid potential antitrust or other regulatory concerns.

For Monday, Nike Inc. will report its first-quarter results and analysts are expecting the company to earn $1.11 share. Also expected to report Monday are Adobe Systems Inc., PalmOne Inc. and Red Hat Inc.

No economic data are scheduled be released Monday.

Gains by Intel Corp., General Electric Co. and Exxon Mobil Corp. helped the major stock indexes advance Friday, a session marked by options expirations.

All told, the Dow industrials gained 39.97, or 0.39 percent, to 10,284.46 on Friday, but lost 28.61, or 0.3 percent, on the week. The Nasdaq composite index rose 6.01, or 0.32 percent, to 1,910.09, and advanced 15.78, or 0.8 percent, for the week. The Standard & Poor's 500 index advanced 5.05, or 0.45 percent, to 1,128.55, part of a weekly gain of 4.63, or 0.4 percent.

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