RTTNews - Stocks are likely to open notably lower on Wednesday, as traders may do some profit taking amid a light day on the economic front and worldwide concerns over a near-term economic recovery. The major index futures are all in negative territory, with the Dow futures down by 91 points.

With no major economic data on tap apart from the weekly oil inventory report, there are not likely to be any catalysts on the economic front to influence the market movement of the day.

Traders instead will have the opportunity to react to the latest set of quarterly results, with Hewlett-Packard (HPQ) reported third quarter earnings of $0.91 per share after the bell Tuesday, beating the consensus estimate of $0.90 per share. The company expects to report fourth quarter earnings of $1.12 per share compared to the forecast of $1.07 per share.

Deere & Co. (DE) reported third-quarter net income of $0.99 per share, compared with $1.32 per share in the same period last year. The results topped Wall Street estimates of $0.57 per share.

Deere's total net sales and revenues declined to $5.89 billion from $7.74 billion in the prior year quarter but still beat forecasts of $5.25 billion. Looking forward, Deere said it expects full year net income of $1.1 billion despite expectations for the largest single-year sales decline in at least 50 years.

BJ's Wholesale Club (BJ) reported second quarter net income of $0.64 per share, compared to $0.61 per share in the prior year quarter. Analysts had expected the firm to earn $0.62 per share. Total revenues came in at $2.51 billion, coming in below estimates of $2.56 billion.

On the corporate front, consumer electronics giant Sony Corp. (SNE) said that it has reduced the price of its PlayStation 3 videogame console by about 25 percent or $100 to $299, effective Tuesday. The company also unveiled a slimmer version of the PS3 with a 120GB Hard Disk Drive or HDD, which will be available for the same price beginning September 1.

In other news, Ellen Hughes-Cromwick, chief economist of Ford Motor Co. (F), was quoted as saying that economic indicators in the U.S are showing that a recovery is already underway and that auto sales seem to be stabilizing. Cromwick further noted that Ford would see an improvement in sales in 2010.

Stocks saw notable strength on Tuesday, partly offsetting the steep losses posted in the previous session amid some encouraging earnings reports. The Dow closed up by 82 points at 9,217, the Nasdaq advanced by 25 points to 1,956 and the S&P 500 rose by 10 points to 990.

Crude oil futures are slipping in early commodities trading, falling by $0.61 to $68.58 a barrel after moving notably higher in the previous session. The price of gold is also retreating, declining by $3.40 to $935.80 an ounce.

On the currency front, the U.S. dollar is on the rise against the major European currencies, climbing to $1.4095 against the euro and advancing to $1.6386 versus the pound. Meanwhile, the buck is little sliding versus the yen, falling to a three-week low of 93.86 yen.

In overseas trading, stock markets across the Asia-Pacific region finished notably lower on Wednesday. Japan's benchmark Nikkei 225 Index fell by 0.8 percent, while Hong Kong's Hang Seng Index declined by 1.7 percent.

The major European markets are also sliding, with the French CAC 40 Index and the German DAX Index slipping by 0.7 percent and 0.8 percent, respectively, while the U.K.'s FTSE 100 Index is down by 0.6 percent.

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