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U.S. stock futures pointed to a higher open in extremely volatile trading on Tuesday, with Dow Jones Industrial Average futures erasing an 850-point loss to gain almost 50 points. That’s as global equities picked up the selling baton from historic losses on Wall Street on Monday, with sharp losses across Asia and Europe. Down as much as 850 points earlier, Dow Jones Industrial Average futures (s: YMH8) were up 54 points, or 0.2%, to 23,993. S&P 500 futures (s: ESH8) also completely reversed an earlier drop and rose 28.80 points, or 0.8%, to 2,628.75. Nasdaq-100 futures (s: NQH8) jumped 57.75 points, or 0.9%, to 6,485.75.

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From:: Stock Market News

U.S. stock futures pointed to sharp losses when Wall Street opens later Tuesday, on the heels of a more than 1,100-point plunge for the Dow Jones Industrial Average, its worst one-day point drop in history. In extremely volatile trading, Dow futures plunged 447 points, or 1.9%, to 23,486, according to FactSet data. S&P 500 futures dropped 17.95 points, or 0.7%, to 2,588.50. Nasdaq-100 futures eased 12.5 points, or 0.2%, to 6,406.50. Asian markets on Tuesday picked up the baton after a brutal day for U.S. stocks, with Japan’s Nikkei 225 index sliding nearly 5%, and sharp losses across the region. German DAX 30, FTSE 100 and French CAC 40 index futures were all down around 3%. The Dow Jones Industrial Average slumped 1,175.21 points, or 4.6%, to 24,345.75 on Monday, while the S&P 500 slid 113.19 points, or 4.1%, to 2,648.94, in action that at times appeared to take on characteristics of a panic. The Dow is now negative for the year. The Cboe Volatility Index , Wall Street’s so-called fear gauge, jumped 104% to 35.02, its highest level since August 2015. Among other assets, gold futures rose $9.40, or 0.7%, to $1,345.90 an ounce on Tuesday, while crude oil fell 1% to $63.54 a barrel. The dollar fell against the yen, but was overall holding steady.

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President Donald Trump’s attorneys have advised him to refuse an interview request with special counsel Robert Mueller, the New York Times reported Monday. The attorneys, including longtime defense lawyer John Dowd, are reportedly worried that Trump may say something false and be charged with lying to investigators. Trump has said he’d be willing to speak to Mueller, who is leading the investigation into Russian election meddling. By refusing to agree to an interview, Trump may force Mueller to seek a grand jury subpoena, which could lead all the way to the Supreme Court and likely have deep political implications.

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From:: Stock Market News

Skyworks Solutions Inc. shares rose in the extended session Monday after the wireless chipmaker reported earnings that topped Wall Street estimates and announced a new share buyback program. Skyworks shares advanced 1.5% to $96.10 after hours. The company reported fiscal first-quarter net income of $70.4 million, or 38 cents a share, compared with $257.8 million, or $1.38 a share, in the year-ago period. Adjusted earnings were $2.00 a share. Revenue rose to $1.05 billion from $914.3 million in the year-ago period. Analysts surveyed by FactSet had estimated $1.91 a share on revenue of $1.05 billion. For the second quarter, however, Skyworks issued an outlook that fell short of Street estimates, forecasting earnings of $1.60 a share on revenue around $910 million. Analysts expect earnings of $1.63 a share on revenue of $940.6 million. Skyworks also announced that its board approved a $1 billion share buyback program. The new share buyback program replaces an old $500 million program that had $2 million left on it, Skyworks said.

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From:: Stock Market News

Markets in Asia were set to open lower Tuesday, with Nikkei futures down more than 3% after the U.S. stock market rout. Futures in Tokyo had dropped nearly as much as 8% and are pointing to an open below the 22,500 support, and into correction territory – more than 10% off its all-time high – as the decade-long bull market rally hits its first speed bump.

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From:: Stock Market News

Micron Technology Inc. rose in the extended session Monday after the chip maker raised its outlook for the quarter and announced a new financial chief. Micron shares advanced 1.9% to $40.15 after hours, following a 3.5% drop during the regular session. For the fiscal second quarter, Micron estimates earnings of $2.70 to $2.75 a share on revenue of between $7.20 billion and $7.35 billion. That’s up from the previous estimate of $2.51 to $2.65 a share on revenue of $6.8 billion to $7.2 billion. Analysts expect earnings of $2.58 a share on revenue of $7.02 billion. Separately, Micron announced that David Zinsner will become chief financial officer, effective Feb. 19, succeeding Ernie Maddock, who is retiring.

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From:: Stock Market News

Shares of a popular exchange-traded fund designed to bet against volatility plunged in after-hours trading on Monday. The VelocityShares Daily Inverse VIX Short Term ETN lost 62%, after getting crushed 14% in the regular session.

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From:: Stock Market News

Fortinet Inc. shares rose in the extended session Monday after the company beat fourth-quarter earnings and revenue expectations. The cybersecurity company’s shares gained 2.5% to $43.83 after hours. The company reported fourth-quarter net losses of $28.96 million, or losses of 17 cents a share, compared with net income of $25.17 million, or 14 cents a share, in the year-ago period. Adjusted earnings were 32 cents a share. The company said it logged a one-time tax expense of $63 million, or 36 cents a share, due to the changes in the U.S. tax code. Revenue rose to $416.7 million from $362.8 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 29 cents a share on revenue of $409.1 million. For the first quarter, analysts model adjusted earnings of 22 cents a share on revenue of $390 million. Fortinet stock has gained 16% in the past year, with the S&P 500 index rising 20%.

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From:: Stock Market News

Shares of Lululemon Athletica Inc. fell more than 3% late Monday after the retailer said Chief Executive Laurent Potdevin has resigned as its top executive and as a member of the company’s board of directors, effective immediately. “Lululemon expects all employees to exemplify the highest levels of integrity and respect for one another, and Mr. Potdevin fell short of these standards of conduct,” the company said in a statement. The board of directors has begun a search for a “proven and highly-experienced global” chief executive, the company said, calling Potdevin’s decision to resign “difficult and considered.” In a separate filing with federal regulators, the company said Potdevin has agreed to “a general release of claims in favor of Lululemon, an extension of his non-solicitation period to a period of 24 months, a covenant not to sue and a covenant of future cooperation,” and in exchange the company has agreed to pay Potdevin a lump sum of $3.35 million in cash “as soon as practicable” and a cash payment of $1.65 million over 18 months in installments starting 60 days after the resignation. “Mr. Potdevin’s entitlement to this consideration is subject to his continuing compliance with the terms of the separation agreement and release, as well as various other restrictive covenants, including covenants relating to non-competition, non-solicitation, non-disparagement and confidentiality,” the company said in the filing. Lululemon shares ended the regular session down 1.5%. The shares have gained 17% in the last 12 months, compared with gains of 15% for the S&P 500 index . Last month Chief Executive Steve Smith of Equinix Inc. resigned after what the company called “poor judgment with respect to an employee matter,” and Guess Inc. shares sunk last week after model Kate Upton tweeted allegations of harassment against company co-founder Paul Marciano.

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From:: Stock Market News