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President, Chief Executive Officer, Director
Mr. Mulally has spent 37 years at The Boeing Company, most recently as executive vice president. In addition, he has also been president and chief... Full Bio
By Chris Sanders
NEW YORK, Sept 6 (Reuters) - U.S. stock futures pointed to a lower market open on Wednesday as investors weighed an announcement of lay-offs from Intel Corp. (INTC.O: Quote , Profile , Research ) that was at the low end of expectations against positive news from Ford Motor Co. (F.N: Quote , Profile , Research ) that it has a new chief executive.
Among economic data, the market awaits U.S. productivity and labor costs data, a report on the services sector for last month and the Federal Reserve's Beige Book.
Shares of Ford rose 4 percent in European trading after the automaker named former Boeing Co. (BA.N: Quote , Profile , Research ) executive Alan Mulally president and chief executive officer on Tuesday.
Citigroup Inc. upgraded Ford's stock, saying Mulally's turnaround experience with Boeing adds credibility to Ford's restructuring, according to MarketWatch.
Intel stock slipped 1.3 percent to $19.74 in electronic trading after the chip maker confirmed it will cut a total of 10,500 workers, or 10 percent of its work force, by the middle of next year. The cuts came at the low end of the 9,000 to 15,000 jobs analysts expected would be shed.
"The Ford news will dominate the opening, and the story right behind it is Intel," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.
S&P 500 futures were down 2.90 points, below fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
Dow Jones industrial average futures fell 17 points, and Nasdaq 100 futures dropped 3.75 points.