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Futures Point to a Flat Start

Tuesday, October 8, 2013 8:11 AM
Stocks futures pointed to a flat start on Tuesday as continued fiscal policy impasse in Washington is curbing investors’ risk appetite. No headway was made on Monday, which means that the shutdown will enter its sixth day on Tuesday. Moreover, rising concerns over debt-ceiling issue will also keep investors edgy. The lawmakers need to reach an agreement over increasing the Treasury’s borrowing limit by Oct. 17, failure of which might result in historic U.S. sovereign debt default. At last check, futures on Dow Jones were flat; those on NASDAQ 100 inched up 0.06% while futures on S&P 500 Index were also flat. On earnings front, aluminum giant Alcoa Inc. (NYSE: AA) and Yum! Brands (NYSE: YUM) are scheduled to report quarterly results after the market close. Twitter has not made its initial public offering, but the stock has already got a “buy” rating from the brokerage firm SunTrust Robinson Humphrey. Robert Peck, an analyst at SunTrust believes that the stock will rise nearly 100% in the first year after its IPO. Peck said that Twitter will make an IPO at $28-$30 per share, and it will leap to $50 in first 12 months. Shares of Talisman Energy Inc. (USA) (NYSE: TLM) will be under spotlight on Tuesday. Shares of the Canadian oil company rallied in aftermarket hours on Monday after activist investor, Carl Icahn reveled in his regulatory filing with the Securities and Exchange Commission (SEC) that he has purchased 61 million shares of Talisman, making him the second biggest shareholder of the company. No major U.S. economic data is due on Tuesday.

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