Stock futures were lower this morning, pointing to a similar start for U.S. stocks. Investors are eying Citi's decision to move some $49 billion of SIV assets onto its balance sheet, while awaiting consumer prices to be released an hour before the opening bell.Yesterday, U.S. stocks closed mixed. Renewed inflation worries as the PPI climbed 3.2% in November put pressure on stocks, but better-than-expected retail sales and a good earnings forecast from industrial Honeywell International (NYSE: HON) helped lift 's earnings forecasts helping lift sentiment. The Dow ended up 41 points, or 0.33%, the S&P 500 added 1.8 points, or 0.12%, while the Nasdaq Composite Index ended the day down 2.6 points, or 0.1%.
Today, prices at the consumer level will be reported at 8:30 a.m. EST. CPI, a closely watched inflation gauge, is expected to have risen 0.6% in November, after a 0.3% climb in October. Core CPI, which strips the volatile food and energy costs, is estimated to have risen 0.2% in November, same as the month before.
Also being released today just before the opening bell is November industrial production and capacity utilization.
Meanwhile, former Federal Reserve Chairman Alan Greenspan said in an interview on NPR News' Morning Edition that will air today the odds the U.S. will fall into a recession are "clearly rising" and he believes economic growth is nearly stalling as the slump in the housing market and a stubborn credit crisis linger.
After Wednesday's 5% surge in oil prices, oil fell $2 a barrel Thursday following the strengthening of the dollar and Exxon Mobil (NYSE: XOM) saying a Texas refinery suffered no production outages from a fire. In Asian trading overnight, however, oil prices rose slightly Friday and traded around $92.64 a barrel.
No doubt, the biggest news this morning is Citigroup's (NYSE: C) announcement from late Thursday that it would rescue seven affiliated investment vehicles that have been hit hard by the credit crisis. Citigroup will take $49 billion worth of assets that have been damaged by the subprime mortgage meltdown and add that to its own balance sheet, thus cutting into its capital base. This may also be the end of the Super SIV bailout plan.
Also, Moody's Investors Service cut its long-term ratings of Citigroup Inc.'s debt.
Merck & Co. (NYSE: MRK) shares may see some action today after government advisers on Thursday rejected its bid for over-the-counter sales of cholesterol-lowering drug, Mevacor.
Novell (NASDAQ: NOVL) shares could be under pressure as well today after it said Thursday it swung to a loss in its fiscal fourth quarter. The company reported a loss of $17.9 million, or 5 cents per share, including a loss of 3 cents per share from its Switzerland-based business consulting division, which it agreed to sell during the quarter. Analysts expected earnings of 4 cents per share (excluding one-time items).
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