Stocks poised to fall a day after LinkedIn IPO
NEW YORK (AP) — Stock futures are headed lower a day after a huge stock offering from professional networking site LinkedIn pushed stocks up.
Ahead of the opening bell, Dow Jones industrial average futures are down 35 points, or 0.3 percent, at 12,556. Standard & Poor's 500 index futures are down 4, or 0.3 percent, at 1,337. Nasdaq 100 futures are down 7, or 0.3 percent, at 2,362.
Gap Inc. fell more than 16 percent in premarket trading. The retailer reported late Thursday that increases in the cost of raw materials hurt its profit. The company cut its full-year earnings forecast.
LinkedIn's value more than doubled within minutes of its initial stock offering Thursday. Major indexes ended higher for a second straight day, with the Dow up 45 points.