* Debt ceiling deadline draws closer
* Cooper Tire slumps on buyout squabble
* Futures off: Dow 110 pts, S&P 13.1 pts, Nasdaq 20.75 pts
By Chuck Mikolajczak
NEW YORK, Oct 7 U.S. stocks were poised for a
lower open on Monday as the partial U.S. government shutdown
dragged on with no signs of a softening in the positions of
politicians over the debt-ceiling limit or budget impasse.
Republican House Speaker John Boehner vowed on Sunday not to
raise the U.S. debt ceiling without a "serious conversation"
about what is driving the debt, while Democrats said it was
irresponsible and reckless to raise the possibility of a U.S.
The United States faces a deadline of Oct. 17 to raise its
$16.7 trillion debt limit or risk an unprecedented debt default.
The two issues of emergency funding for the
government to operate and increase the U.S. borrowing authority
started out separately in the House but have been merged by the
pressure of time.
"Now you've got not only the budget but the debt ceiling and
time is running out and everybody knows it, including (the
politicians)," said Terry Morris, senior vice president and
senior equity manager for National Penn Investors Trust Company
in Reading, Pennsylvania.
"The longer this goes on, the more the uncertainty, the
closer the deadline and the more nervous investors are going to
The S&P 500 has fallen two straight weeks and is down
2 percent from its all-time closing high of 1,725.52 on concerns
about the effect of dysfunction in Washington on the economy.
S&P 500 futures fell 13.1 points and were below fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures lost 110
points, and Nasdaq 100 futures dropped 20.75 points.
Apollo Tyres of India and U.S.-based Cooper Tire &
Rubber Co disagree over whether Apollo should pay a
lower price in its $2.5 billion takeover, the latest hurdle in a
deal beset by lawsuits, labor issues and unhappy Apollo
investors. Cooper Tire shares slumped 12.1 percent to $25.95 in
U.S.-listed shares of BlackBerry rose 4.6 percent
to $8.04 before the opening bell after several sources close to
the matter said it is in talks with Cisco Systems,
Google Inc and SAP about selling them all or
parts of BlackBerry.
Private equity firm KKR & Co LP is nearing a deal to
acquire lifting equipment company Crosby Group LLC for around $1
billion, two people familiar with the matter said on Sunday.
Food waste recycler Darling International Inc said
it would buy Vion Ingredients, a unit of privately held Vion
Holding NV, for 1.6 billion euros ($2.18 billion).