US futures slip

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IOL wall street THE PHOTO HOLIC File image

US stock futures are sliding after the best day on major indexes in months after Hewlett-Packard revealed that a British company it bought for $10 billion last year lied about its finances, resulting in a huge hit to its quarterly earnings.

The Dow Jones industrial futures are down 23 points to 12,715. The broader S&P futures have slipped 1.8 points to 1,380.70. Nasdaq futures are down 1 point to 2,584.50.

Hewlett-Packard said Tuesday that the company it bought for $10 billion last year lied about its finances, and it accused Autonomy Corporation PLC, of “serious accounting improprieties, disclosure failures and outright misrepresentations.” H-P took an $8.8 billion charge against its earnings.

The Commerce Department is releasing its new home construction numbers Tuesday. Economists expect a slowdown. - Sapa-AP

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