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US STOCKS-Futures lower on banks, Wal-Mart

Tue May 13, 2008 7:46am EDT
 
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*Market seen down on Wal-Mart outlook

*Analyst cuts brokerages' price targets

*Bernanke tops list of Fed speakers

By Kristina Cooke

NEW YORK, May 13 (Reuters) - U.S. stock index futures fell on Tuesday after Oppenheimer & Co slashed its price targets on a number of brokerages and on concern about Wal-Mart Stores Inc's (WMT.N: Quote, Profile, Research, Stock Buzz) outlook.

A number of Federal Reserve speakers will be on Tuesday's calendar, including Chairman Ben Bernanke talking about financial markets at 8:20 a.m. (1220 GMT).

European stocks were lower, dragged down by banks after a write-down related rights issue at France's Credit Agricole (CAGR.PA: Quote, Profile, Research, Stock Buzz) and a jump in UK inflation. Stocks in Asia closed higher.

Oppenheimer analyst Meredith Whitney cut her price targets on Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz), Lehman Brothers (LEH.N: Quote, Profile, Research, Stock Buzz), Merrill Lynch (MER.N: Quote, Profile, Research, Stock Buzz) and Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz). Whitney said the outlook was bleaker than reflected in the market.   Continued...

 

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