Pre-Market

Futures indicate a modestly lower open for the mkt following poor Q1 results from UBS (UBS) and Fannie Mae (FNM). UBS made its results official after pre-announcing on Apr 1, but more importantly the co announced it will sell $15 bln in mortgage assets to Blackrock (BLK) and slash 5,500 jobs by the middle of the year. Shares of UBS are trading off 3% pre-mkt. Fannie Mae reported a loss of $2.57 per share, announcing its plan to raise $6 bln in new capital through public offerings of common stock