U.S. Stock-Index Futures Drop Amid Economic Concern

U.S. stock-index futures fell, indicating the Standard & Poor’s 500 Index will snap a three-day rally, as weakening American demand for oil and slowing German exports fueled concern the global economy is faltering.

Priceline.com Inc. (PCLN) tumbled 15 percent in early New York trading after forecasting third-quarter earnings that trailed analyst estimates. Warner Chilcott Plc (WCRX) declined 3.4 percent after ending its search for a buyer. Express Scripts Holding Co. gained 6.8 percent in Germany after it raised its annual profit forecast.

Futures on the S&P 500 expiring in September dropped 0.2 percent to 1,393.6 at 7:18 a.m. in New York. The benchmark measure gained 0.5 percent yesterday amid better-than-estimated corporate earnings and speculation global central banks will take steps to boost economic growth. Dow Jones Industrial Average futures slid 29 points, or 0.2 percent, to 13,090 today.

“There’s still heavy deflationary pressures around, in particular in Europe of course, but also in the U.S.,” Christian Gattiker, the head of research at Julius Baer Group Ltd. in Zurich, said in a Bloomberg TV interview with Maryam Nemazee. “The question is whether they are really out of the woods. At best the U.S. will grow around 2 percent next year and I think the market is eager to see more support.”

Crude Demand

Oil slid from the highest close in more than two months in New York amid signs of weakening demand in the U.S., the world’s biggest crude consumer.

German exports, adjusted for work days and seasonal changes, fell 1.5 percent in June from May, when they jumped 4.2 percent, a report showed. Economists in a Bloomberg survey forecast a 1.3 percent decline. Imports fell 3 percent from May.

Priceline.com plunged 15 percent to $576 in early New York trading. The biggest U.S. online travel agency by market value forecast third-quarter earnings that trailed analysts’ estimates.

Profit excluding some items will be $11.10 to $12.10 a share in the current period, the company said. That fell short of $12.79, the average analyst estimate compiled by Bloomberg.

Expedia Inc. (EXPE) dropped 3.2 percent to $56.96.

Walt Disney Co. (DIS) lost 1.1 percent to $49.25 in premarket trading in New York. The world’s largest entertainment company posted third-quarter sales that missed analyst estimates.

Sales grew 3.9 percent to $11.1 billion, missing projections of $11.3 billion. Net income jumped 24 percent to $1.83 billion, or $1.02 a share, from $1.48 billion, or 77 cents, a year earlier, beating the 93-cent average of 28 analysts’ estimates.

Dish Network Corp. (DISH) fell 1.9 percent to $30.10 in Germany. The second-largest U.S. satellite-television provider reported second-quarter profit and average revenue per user that missed analyst projections.

Warner Chilcott slid 3.4 percent to $17.17 in early New York trading. The drugmaker specializing in women’s health and dermatology said it has ended efforts to find a buyer for the company. Warner Chilcott will renew a $250 million share buyback program and expects to pay a special cash dividend of $4.

Express Scripts gained 6.8 percent to $59.84 in Germany. The largest U.S. processor of drug prescriptions raised its annual profit forecast as gross margins improved following its April acquisition of Medco Health Solutions Inc.

To contact the reporter on this story: Tom Stoukas in Athens at astoukas@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net