17.11.2008 17:32

Before the bell: lower start is expected.

Stocks futures continue to point to a negative open:S&P futures vs fair value: -17.40. Nasdaq futures vs fair value: -32.80.
The November New York empire manufacturing index, a regional manufacturing survey, declined to -25.4 from its October level of -24.6. Economists expected a reading of -26.0. Citigroup (C) said it will cut 20% of its workforce from peak levels down to roughly 300,000, according the company's presentation slides. Citigroup had roughly 350,000 employees as of Sept. 30. Citi also plans to reduce expenses by 20% from peak levels. In earnings news, Target (TGT) earned $0.49 per share in the third quarter, matching estimates. The retailer is temporarily suspending its buyback program.
This week, Congress will take up the issue of bailing out the Big Three: General Motors, Ford Motors and Chrysler. The Senate Banking Committee will hold a hearing on the issue on Tuesday and the House Financial Services Committee on Wednesday.
Companies: Home improvement retailer Lowe's posted a 24% plunge in earnings to 33 cents per share. That still beat the 28 cents per share expected by analysts, according to a consensus of projections from Thomson Reuters. Shares were slightly lower in premarket trading.
Retailer Target is also expected to report quarterly earnings before the bell. A consensus of analysts projects earnings to fall 13% to 48 cents per share.
Oil fell $1.08 a barrel to $55.96 in electronic trading.