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    U.S. Stock-Index Futures Drop; Intel, Google Decline in Europe

    Nov. 22 (Bloomberg) -- U.S. stock-index futures slumped as the dollar traded near a record low and oil extended last week's advance. Intel Corp. and Citigroup Inc. shares slid in Europe.

    ``I wouldn't buy stocks today,'' said Philippe Gijsels, who oversees $62 billion, including U.S. stocks, as chief strategist at Fortis's private investment unit in Brussels. ``Companies may face big problems with the rising oil price and falling dollar; there are also questions about whether the U.S. economy can continue to grow.''

    Google Inc. fell after saying its co-founders plan to sell stock. Fannie Mae declined after the largest buyer of U.S. home loans was sued for securities fraud by Ohio's attorney general.

    Standard & Poor's 500 Index futures expiring in December lost 4.6 to 1167.70 as of 10:16 a.m. in London. Dow Jones Industrial Average futures dropped 36 to 10,442 and Nasdaq-100 Index futures slid 7.5 to 1550.50. Twenty-seven of 29 Dow stocks trading in Europe declined.

    U.S. stock benchmarks ended last week with their biggest declines in almost a month, as Federal Reserve Chairman Alan Greenspan said the record current-account deficit may cause foreign investors to sell dollar-denominated assets. His comments spurred concern that higher interest rates may be necessary to attract overseas investment.

    Intel, the world's largest semiconductor maker, dropped 18 cents to $23.98 in Germany. Citigroup, the biggest financial- services company, lost 10 cents to $45.05, also in Germany.

    The dollar was close to a record low against the euro in London after German officials said the U.S. rejected calls to denounce ``volatile'' currency moves in a statement from the Group of 20 biggest economies.

    The International Monetary Fund scaled down its expectations for world economic growth next year because of oil prices near records and the U.S. budget deficit, German Deputy Finance Minister Caio Koch-Weser said.

    Google Sale

    Google dropped $2.50 to $166.90 in Germany. The owner of the world's most-used Internet search engine said in a filing with the U.S. Securities and Exchange Commission that its co-founders, Larry Page and Sergey Brin, and Chief Executive Eric Schmidt will sell 16.6 million shares over the next 18 months.

    Fannie Mae fell 76 cents to $67.34, also in Germany. After trading closed last week, Ohio's attorney general accused the company of manipulating earnings to artificially inflate its share price. Brian Faith, a Fannie Mae spokesman, declined to comment on the suit.

    PeopleSoft Inc. declined 23 cents to $22.94 in Germany. The software developer said its board remains convinced Oracle Corp.'s $24-a-share takeover bid is ``inadequate'' and said it won't sell the company for less than it's worth.

    Oracle won the backing of a majority of PeopleSoft shareholders, who voted to tender their shares in support of Oracle's $8.8 billion bid by a Nov. 19 deadline. Oracle shares fell 42 cents to $12.33, also in Germany.

    Earnings Expected

    Campbell Soup Co. and Toys ``R'' Us Inc. are the two S&P 500 companies scheduled to report earnings before U.S. markets open. Neither stock traded in Europe.

    Toys ``R'' Us, the world's largest toy-store chain, may report today before the market opens that its fiscal third- quarter net loss narrowed to 15 cents a share, the average estimate of 11 analysts surveyed by Thomson Financial. It had a loss of 18 cents a year earlier.

    Campbell, the world's biggest soupmaker, is expected to say today that fiscal first-quarter net income rose to 52 cents a share, the average estimate of 12 analysts surveyed by Thomson, from 51 cents a year earlier.

    Krispy Kreme, TiVo

    Krispy Kreme Doughnuts Inc. added 9 cents to $11.59 in Germany. The No. 2 U.S. doughnut maker will likely report before U.S. markets open that fiscal third-quarter net income fell to 13 cents a share, the average estimate of six analysts polled by Thomson, from 23 cents a year earlier.

    Shares of TiVo Inc. may be active. The maker of digital video-recorders that can pause and replay live television is scheduled to say today that its fiscal third-quarter net loss widened to 44 cents a share, the average estimate of analysts polled by Thomson, from 11 cents a year earlier.

    Smallest Gain

    Profits rose about 17 percent on a share-weighted average among the 476 companies in the S&P 500 that had reported earnings by Nov. 17. That's the smallest gain since the second quarter of 2003. Third-quarter earnings increased about 21 percent in the third quarter of 2003, according to Thomson Financial.

    The U.S. currency was recently trading at $1.3024, compared with $1.3022 late in New York on Nov. 19, according to EBS, an electronic currency dealing system.

    Crude oil futures in New York gained 1.7 percent to $49.27 a barrel, extending a 4.8 percent surge on Nov. 19, on speculation falling temperatures in Europe will boost competition with the U.S. for heating fuel.

    The IMF expects global growth of about 4 percent next year, compared with a 4.3 percent forecast published on Sept. 29, Koch- Weser said, citing comments by the fund's chief official, Rodrigo de Rato, to delegates at a meeting of the Group of 20 industrial and emerging economies in Berlin on Nov. 20 and 21.

    Morgan Stanley Capital International Inc.'s Asia-Pacific Index, which tracks more than 900 companies, shed 1.8 percent and is headed for its biggest drop since June 3. Japan's Nikkei 225 Stock Average lost 2.1 percent, its steepest fall since Aug. 13.

    US Futures

    Dow -1.05% -110.00 10,478.00
    NASDAQ -0.55% -8.50 1,549.50
    S&P -0.39% -4.60 1,167.70

    Wilshire 5000 -1.11% -127.92 11,480.63
    Russell 2000 -1.39% -8.62 613.44
    Philadelphia Semiconductor -3.09% -13.76 431.88
    Dow Transports -1.23% -44.57 3,567.65
    Dow Utilities -0.19% -0.61 324.79
    NYSE Composite -0.80% -55.72 6,947.19
    AMEX Composite -0.04% -0.55 1,364.81
    Morningstar Index -1.95% -31.48 2,769.72

    OIL 49.23 0.34
    GOLD 447.40 0.40

    Looking good for goldies and oilers here tomorrow ? :)))
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