U.S. Stock Futures Little Changed Before Activity Report

By Sofia Horta e Costa

U.S. stock futures were little changed as investors awaited data that may show business activity in the world’s largest economy slowed this month.

Five Below Inc. lost 4.2 percent in early New York trading after saying earnings and sales will miss estimates in the first quarter. PVH (PVH) Corp. retreated 4.5 percent in Germany after the apparel company forecast earnings will trail current analyst estimates for the fiscal year 2013.Texas Industries (TXI) Inc. rose 2.3 percent late in New York after reporting a quarterly loss that was less than analysts had predicted.

Standard & Poor’s 500 Index (SPX) futures expiring in June added 0.1 percent to 1,558.3 at 7:28 a.m. in New York. The equity benchmark this week rallied to within two points of its record as orders for durable goods and home prices exceeded estimates. The gauge is heading for a quarterly advance of 9.6 percent. Contracts on the Dow Jones Industrial Average rose 28 points, or 0.2 percent, to 14,473 today.

“Hedging your bets and staying out of the market, not really selling off; that is my position,” saidManish Singh, who helps manage about $2 billion as head of investment at Crossbridge Capital in London. He spoke to Francine Lacqua on Bloomberg Television. “You have the U.S. earnings season coming on April 8 which will give you an idea of what’s happening in the U.S. I’m risk averse, rather than bearish at this time.”

Alcoa Inc. will unofficially kick off the reporting season when it posts first-quarter results on April 8. Of the S&P 500- listed companies that posted earnings for the latest period, 71 percent beat estimates, while 61 percent beat sales predictions, according to data compiled by Bloomberg.

Business Activity

Business activity in the U.S. expanded at a slower pace in March, economists surveyed by Bloomberg forecast before a report at 9:45 a.m. New York time today. The MNI Chicago Report business barometer slipped to 56.5 from a 56.8 reading in February, which was the highest level in almost a year. A reading greater than 50 signal expansion.

In Italy, Pier Luigi Bersani will tell President Giorgio Napolitano today whether he has managed to form a broad coalition capable of surviving a confidence vote in the Parliament’s upper house. Parliament was deadlocked after last month’s elections when the Democratic Party, which Bersani leads, failed to obtain a majority in the Senate.

Cyprus’s banks opened for the first time in almost two weeks, with new rules curbing access to cash preventing an initial panic to withdraw deposits.

Five Below

Five Below (FIVE) lost $1.66 to $37.50 in New York trading. The teen retailer whose goods sell for $5 or less forecast full-year earnings in the range of 62 cents to 65 cents a share, less than the average analyst estimate of 71 cents a share. Sales will be between $516 million and $521 million, also less than current analyst projections. The shares haven’t traded in Europe today.

PVH retreated $5.05 to $107.74 in Germany. The owner of the Tommy Hilfiger brand said earnings will be $7 per share for the year, less than the average analyst estimate of $7.41 a share.

Texas Industries added $1.50 to $67.50 in late New York trading. The cement maker reported a loss of 30 cents a share for the third quarter, beating the average analyst estimate for a loss of 41 cents a share.

Liberty Global Inc. (LBTYA) advanced $1.08 cents to $73.43 in Germany. The company controlled by billionaire John Malone bought a 12.65 percent stake in Dutch cable television operator Ziggo NV.

To contact the reporter on this story: Sofia Horta e Costa in London atshortaecosta@bloomberg.net

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