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Before the bell: Stocks lower; KO, BA, LEH, CAG, ABK, COST ...

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Stock futures were lower this morning as investors digested the decline in commodity prices and awaited a slew of economic readings. Data on employment, manufacturing and auto sales will be reported during the morning and throughout the day. At 2:00 p.m., the Federal Reserve's Beige Book, which gives an overall picture on the economy will be released.

Coca-Cola Co. (NYSE: KO) said it is offering $2.4 billion for China Huiyuan Juice Group Ltd., triple Huiyuan's market value. This is Coke's largest acquisition by value to date in China and gives the company a leg in the fast-growing and dynamic Chinese juice market. Coke also said that it expects to buy back a total of $1 billion of its stock for the full year.

The Boeing Co
.'s (NYSE: BA) workers are prepared to vote Wednesday. Union members are scheduled to cast two ballots: one regarding Boeing's latest offer, which union leaders are recommending to reject, and another on whether to begin a strike. Results of the vote are expected Wednesday night.

More information is coming out regarding Korea Development Bank interest in Lehman Brothers (NYSE: LEH). According to reports in The Chosun Ilbo, South Korea's largest mass-circulation daily, state-owned KDB has made a proposal to acquire 25% of U.S. Lehman for as much as 6 trillion won ($5.3 billion). HSBC Holdings (NYSE: HBC) and an unnamed Chinese bank are said to be vying with the KDB for the Lehman stake.

Apple Inc. (NASDAQ: AAPL) Tuesday announced a "Let's Rock" event September 9. It will likely launch new iPods. Reuters says analysts "expect Apple to announce a refresh of its line of iPods and cuts to prices of some models."

Earnings: Staples Inc. (NASDAQ: SPLS) and H&R Block Inc. (NYSE: HRB) are due today.

Movers:
  • ConAgra Inc. (NYSE: CAG) stock was down nearly 5% in after-hours trading Tuesday after it gave a warning on fiscal-first quarter profit due to weakness in its consumer foods unit. J.P. Morgan downgraded ConAgra from Overweight to Neutral.
  • Ambac Financial (NYSE: ABK) shares are up over 14% in pre-market trading after ABK won approval of Wisconsin Insurance Commissioner to restart the company's Connie Lee Insurance Company subsidiary as a new municipal bond insurer.
  • Costco Wholesale (NASDAQ: COST) shares are down over 4% in pre-market trading after reporting same-store sales rose 9% in August in the U.S., or 6% excluding the effect of higher gas prices. Total sales figures were below analyst estimates.
Analyst calls:
  • U.S. Steel (NYSE: X) was upgraded by CIBC to Sector Outperform from Sector Perform.
  • United Tech (NYSE: UTX) was upgraded by UBS from Neutral to Buy.
  • Time Warner (NYSE: TWX) was downgraded by Bernstein from Outperform to Market Perform.
Symbol Lookup
IndexesChangePrice
DJIA+32.128,743.94
NASDAQ+1.581,886.61
S&P 500-0.36940.38

Last updated: July 18, 2009: 08:37 PM

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