* Alcoa Q1 profit tops estimates but revenue misses
* Japan raises nuclear crisis level to same as Chernobyl
* Futures down: S&P 6.8 pts, Dow 48 pts, Nasdaq 10 pts
* For up-to-the-minute market news see []
(Adds byline, quote)
By Angela Moon
NEW YORK, April 12 (Reuters) - U.S. stocks index futures
fell on Tuesday in the wake of a disappointing revenue miss
from Alcoa and Japan's upgrade of the severity of its nuclear
crisis.
Investors were cautious after Japan raised the severity of
the Fukushima nuclear power plant accident to the highest level
on the International Nuclear and Radiological Event Scale,
putting it on par with the Chernobyl 1986 disaster. For
details, see []
Earnings news will be another focus after Alcoa Inc <AA.N>
reported revenue that missed forecasts after the bell on
Monday, which sent the company's shares lower in post-market
trade despite its reporting a first-quarter profit above
expectations. []
Mining stocks will also be in focus as metals prices fell
on worries Japan's massive earthquake and a nuclear crisis
would weaken recovery prospects in the world's third-largest
economy. []
Selling in key commodities were also triggered after
Goldman Sachs <GS.N> warned its clients to lock in trading
profits before oil and other markets reverse. U.S. traded
shares of Rio Tinto <RIO.N> fell 2.3 percent to $72.10.
"The concern expressed by Alcoa on Japan may be repeated by
some other companies. The cautiousness that is associated with
Japan will be a reoccurring theme throughout the earnings
season," said Robert Pavlik, chief market strategist at Banyan
Partners LLC in New York.
Brent crude futures pushed up to around $124.50 a barrel on
Tuesday, edging up from a sharp fall, as the International
Energy Agency issued a fresh warning that high prices could
erode demand.
S&P 500 futures <SPc1> fell 6.8 points and were below fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> lost 48
points and Nasdaq 100 futures <NDc1> shed 10 points.
Looking at merger and acquisition news, two sources
familiar with the matter told Reuters that Hewlett-Packard Co
<HPQ.N> had considered buying business software company Tibco
Software Inc <TIBX.O> until two weeks ago when talks fizzled.
[]
On the economic data front, international trade, and import
and export prices data are due at 8:30 a.m. ET.
In other corporate news, Chevron Corp <CVX.N>, the
second-largest U.S. oil company, said first-quarter exploration
and production earnings would be higher than in the previous
quarter. []
Also, a former private equity executive was sentenced to 13
years and four months in prison for his role in a real estate
investment fraud that federal authorities have called a $255
million Ponzi scheme targeting Orthodox Jews []
The Wall Street Journal reported that the Bank of America
Corp's <BAC.N> internal auditors are reviewing why its chief
financial officer and chief accounting officer were not
consulted before the bank disclosed to investors that its
dividend increase had been rejected by regulators.
[]
U.S. stocks mostly fell on Monday, with energy shares
selling off on lower oil prices and concerns that company
outlooks may fall short of expectations. []
(Reporting by Angela Moon, Editing by Chizu Nomiyama)
(angela.moon@thomsonreuters.com;+1 646 223 5685; Reuters
Messaging:angela.moon.reuters.com@reuters.net))
