Before the bell: Futures lower after Citi reports, ahead of data Genentech (NYSE: DNA) shares are down 1% in premarket trading after the company reported results that beat estimates late Monday. While fourth-quarter profit rose 6%, there were concerns over sales growth.
Nokia Corp. (NYSE: NOK) is continuing its upward move this morning with the stock indicating 1.4% higher in premarket trading. MarketWatch reports that the company "Tuesday said it may slash as many as 2,300 manufacturing jobs in Germany as it moves production to lower-cost European countries such as Romania."
Intel (NASDAQ: INTC) after the close will report its quarterly performance. Expectations call for profits of 40 cents per share on sales of $10.84 billion according to Thomson Financials.
Wall Street Journal reported Monday afternoon that the new chief executive of Sprint Nextel Corp. (NYSE: S) plans to lay off "several thousand" workers, part of his cost-reduction plan.
State Street Corp. (NYSE: STT ) said fourth-quarter earnings fell 28% to $223 million after setting aside $618 million to settle legal claims stemming from losses on subprime mortgages. Revenue, however, rose 53% to $2.48 billion. Results beat estimates and STT shares are up 1.3% in premarket trading.
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