U.S. stock futures were lower early Wednesday morning. Just as investors started to feel the credit crisis may have seen its worse days, came yesterday's bombshell that banks are unwilling to finance the $19 billion sale of radio broadcaster Clear Channel to private equity firms. This, of course renewed credit concerns and as investors await some economic data this morning, all indications points to U.S. markets starting on a weak note.

Yesterday, U.S. stocks finished mixed as readings on housing and consumer confidence came in weak. An upgrade of Yahoo! and several companies forecasting improved earnings caused the mixed trading day. The Dow industrials lost 16 points, or 0.13%, while the Nasdaq Composite rose 14 points, or 0.61%, and the S&P 500 added 3 points, or 0.23%.

Economic data today includes a reading at 8:30 a.m. EDT on durable goods orders for February, which is expected to have increased somewhat, after dropping the month before.
At 10:00 a.m. EDT, February new home sales is due out. It is expected the data will show yet another weakness, but to remind readers, existing home sales released earlier this week, showed the first improvement in a while.
Then, at 10:30 a.m. EDT, weekly crude inventory will be reported. Oil futures increased ahead of the report. Despite expectation supplies will show an increase, it seems investors once again bought oil futures in wake of the dollar weakening again and economic worries predict lower demand for oil.

Overseas, Asia stock markets were mixed. In Europe, despite business sentiment in Germany and France remaining resilient, stocks are seeing modest losses.

Much to report on the corporate front:
Clear Channel Communications (NYSE: CCU) stock is declining over 18% in premarket trading after closing down 5.5% Tuesday. Reports suggest that the proposed $19 billion buyout deal for the broadcaster by private equity groups Thomas H. Lee and Bain Capital Partners LLC is virtually dead mainly due to financing issues with the banks. It's quite possible banks are unwilling to take the same risks today, especially for a company whose business is weakening.

Oracle Corp. (NASDAQ: ORCL) is reporting earnings after the close today.Analysts on average expect Oracle to post earnings of 30 cents a share for its third quarter and $5.4 billion in revenue, according to FactSet Research. This is up from last year's 25 cents a share and $4.41 billion in revenue.

Citigroup Inc. (NYSE: C) had its first-quarter loss estimate quadrupled to $1.15 a share (from an earlier estimate of 28 cents) by Oppenheimer & Co. analyst Meredith Whitney on expectations for further asset writedowns on leveraged loans and collateralized debt obligations of $13.1 billion. Whitney also cut her full-year estimate to a loss of 15 cents a share from a profit of 75 cents. Citi shares are down 2% in premarket trading.