US Futures Off On JPMorgan Results

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U.S. futures pointed to a weak open on the Wall Street, after JPMorgan Chase dampened the sentiment with weak quarterly numbers.

Mini Dow industrial average futures were trading lower by 17 points to 12,396.00. The Nasdaq Futures edged 0.75 points lower to 2,377.75. Standard and Poor's 500 futures fell 3.30 points to 1,291.80.

On the economic front, trade gap for November widened more than forecast, climbing to a five-month high. The Commerce Department reported that deficit increased to $47.8 billion from a revised $43.3 billion in October, while economists expected the deficit to stand at $45 billion. Total November exports were $177.8 billion and imports were $225.6 billion.?

The University of Michigan's consumer sentiment index for January is set to be released at 9.55 am ET. The index is expected to have risen to 71.5 from 69.9 last month.

On Thursday, U.S. stocks trimmed early losses to close in green as a decline in borrowing costs at debt auctions in Europe offset tepid American economic data.

Hot Stocks Of The Day: (JPM, JDAS, SFLY, MBLX, DMND)

JPMorgan Chase & Co. (NYSE:JPM) fell 3.3 percent to $35.63 in Friday's pre-market trade after the bank reported a 23 percent fall in quarterly earnings, as investment bank revenue slumped on an increased provision for credit losses. Earni! ngs were 90 cents on lower-than-expected revenue of $22.2 billion. Investment banking revenue tumbled 30 percent to $4.36 billion. Provision for credit losses fell 28 percent to $2.18 billion.

JDA Software Group Inc. (NASDAQ: JDAS) plunged 14.6 percent to $28.00 in pre-market trading after the company reported preliminary fourth quarter revenue of about $173 million, below Wall Street view of $180.8 million. It expects software and subscription sales in the Americas to fall to around $21 million from $31 million.

Shutterfly Inc. (NASDAQ:SFLY) fell 8.7 percent to $21.95 after the Internet-based social expression and personal publishing service announced the departure of its CFO Mark Rubash.

Metabolix Inc. (NASDAQ:MBLX) plunged 54 percent to $2.75 after the biosciences company announced termination of the Telles LLC joint venture with Archer Daniels Midland Co. (NYSE: ADM) for polyhydroxyalkanoates (PHA) bioplastics. The joint venture, established in July 2006, sells PHA-based bioplastics, including Mirel and Mvera. ADM recently undertook a strategic review of its business investments and activities and made the decision to focus resources outside of Telles.

Novartis AG (NYSE: NVS) declined 1.9 percent in pre-market to $55.62 after the pharmaceutical company said it is slashing around 2,000 jobs in the United States. The restructuring will result in a charge of $160 million in the first quarter, and an annual savings of around $450 million by 2013, it said.

Diamond Foods Inc. (NASDAQ: DMND) dropped 8.6 percent in pre-market to $30.25. The Wall Street Journal, citing unidentified sources, reported that Federal prosecutors are investigating the California-based snack maker's payments to its walnut growers.

Eastman Kodak Co (NYSE:EK) is down 22.6 percent to 67 cents in pre-market. Bloomberg reported that the ailing photography pioneer is said to be in discussions with Citigroup to provide bankruptcy financing.

Global Markets:

The European markets traded mixed support! ed by eu ro zone banking stocks following positive bond sales by Spain and Italy. Germany's DAX is up 0.41 percent to trade at 6,204.82. France's CAC40 gained 1.06 percent to 3,234.01. Britain's FTSE 100 fell 0.07 percent to 5,658.57.??

Market Scan:

Ahead of the opening bell, crude oil was trading higher by 0.32 percent at $99.42 per barrel. Gold lost 0.32 percent to $1,642.4 per ounce.

In the currency market, the euro weakened 0.32 percent against the U.S. dollar, and the British pound edged 0.06 percent lower against the greenback. The dollar edged 0.03 percent higher against the Japanese yen.

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