Before the bell: Futures lower on financials, tech concerns

Reporting today:
Palm Inc. (NASDAQ: PALM) is expected to post a loss of 22 cents a share in the fourth quarter.
ConAgra Foods (NYSE: CAG) is expected to post earnings of 34 cents a share in the fourth-quarter .

Nike Inc. (NYSE: NKE) reported late Wednesday a rise in quarterly profit of 12% to $437.9 million, or 86 cents a share, helped by gains in Europe and Asia. Sales jumped 16% to $5.1 billion. The earnings beat Wall Street's forecast. Shares are down 4.8% in premarket trading.

Anheuser-Busch Cos. (NYSE: BUD) will likely officially reject InBev NV's $46.3 billion takeover bid this week and announce plans to lower $1 billion in costs, pay a special dividend and sell off divisions like its theme-park unit to increase its stock price. InBev may then raise its offer.

Yahoo Inc. (NASDAQ: YHOO) defended the deal it made with online search leader Google Inc. (NASDAQ: GOOG), saying it is a more desirable partner than Microsoft Corp. (NASDAQ: MSFT). Yang, Yahoo's CEO, wrote so in a letter Wednesday. The letter is part of Yahoo's campaign to protect its strategy and board against a revolt led by activist investor Carl Icahn.

Goldman Sachs downgraded General Motors Corp. (NYSE: GM) to Sell from Neutral and cut its price target to $11 from $19. Most troubling is that the broker said that liquidity concerns could increase. Goldman cut its rating of two other sector stocks as well. Shares are down 5.6% in premarket trading to $12.09.

Red Hat (NYSE: RHT) reported first-quarter results Wednesday after the close. Profit rose almost 7% and revenues grew 32%, inline with estimates. Shares are down 4% in premarket trading.

Telefonica SA said Wednesday it has received 300,000 pre registrations in the U.K. and Spain to buy Apple Inc.'s (NASDAQ: AAPL) new third- generation iPhone.