* Mallinckrodt to buy Questcor for $5.6 bln
* MannKind stumbles; FDA extends review date for insulin
* Futures off: Dow 57 pts, S&P 8.25 pts, Nasdaq 29 pts
By Chuck Mikolajczak
NEW YORK, April 7 U.S. stock index futures fell
on Monday, putting the S&P 500 on track for its third straight
decline, after weakness in momentum names sent the Nasdaq and
benchmark S&P index to their worst drop since February in the
* Declines in momentum names such as Netflix Inc
and TripAdvisor Inc overshadowed the relatively strong
March payrolls report on Friday, leaving investors anxious about
how much further they may fall. Facebook Inc lost 1.1
percent to $56.14 in premarket trade.
* Earnings season gets under way this week, with earnings
expected from financials JPMorgan Chase & Co and Wells
Fargo & Co, as well as retailer Bed, Bath & Beyond
* S&P 500 companies' first-quarter earnings are projected to
have increased just 1.2 percent from a year ago, Thomson Reuters
data showed. The forecast is down sharply from the start of the
year, when growth was estimated at 6.5 percent.
* A lackluster first-quarter earnings season impacted by
harsh winter weather could spark a pullback, according to some
analysts, with investors looking for optimism for the second
S&P 500 e-mini futures fell 8.25 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
57 points and Nasdaq 100 futures declined 29 points.
* Specialty pharmaceuticals company Mallinckrodt Plc
agreed to buy drugmaker Questcor Pharmaceuticals Inc
for about $5.6 billion to gain access to its multiple sclerosis
drug, Acthar Gel. Questcor shares surged 34.1 percent to $91
while Mallinckrodt rose 10.4 percent to $69 in premarket.
* MannKind Corp slumped 11.9 percent to $6.05
before the opening bell. The company said the U.S. Food and Drug
Administration extended the review date of its inhaled insulin
treatment by three months.
* Pfizer Inc shares fell 2.1 percent to $31.50 in
premarket trade. The company's experimental breast cancer drug
in a clinical trial nearly doubled the amount of time patients
lived without their disease getting worse, but overall survival
was not yet shown to be statistically significant, researchers
* European stocks dropped, halting a three-week rally and
tracking the selloff on Wall Street on Friday.
* Japanese shares were hit on Monday by a one-two
combination of a higher yen and a selloff in the tech sector.
(Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)