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Stock futures slip after Apple, IBM results
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[October 19, 2010]
NEW YORK (AP)
--
Some concerns within Apple and IBM's earnings reports drove stock futures slightly lower Tuesday.
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The technology giants both topped earnings forecasts when they reported results after the market closed Monday. However, Apple Inc. did not sell as many iPad's as analysts predicted and its margin, a measure of profitability, disappointed. IBM Corp.'s outsourcing business did not perform as well as expected, but the computer company raised its earnings forecast for the rest of the year.
Both companies could also have been hurt by the weight of expectations. Apple and IBM's stocks recently hit record highs in anticipation of upbeat earnings, so some of the pullback in their shares could be due to profit taking.
Nasdaq 100 futures, which are heavily weighted toward technology companies, fell sharply because of the slide in Apple's stock. Other index futures posted smaller losses.
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Earnings throughout Tuesday will also help dictate market movement. Banking giants Bank of America Corp. and Goldman Sachs Group Inc. both report results before the opening bell. Bank of America's results should signal whether consumers are getting their finances in shape after the recession. Goldman's results will indicate if there was any slowdown in investment banking during the summer.
Health care company Johnson & Johnson and drink maker Coca-Cola Co. both report results before the market opens as well. The pair could provide clues about the health of the consumer.
Many investors have been worried in recent months about shoppers not spending enough to create strong growth. Sales at both companies and any forecasts for future quarters could quell some of those worries. | | | |
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![](http://archives.lincolndailynews.com/2010/Oct/19/images/ads/current/christianvillage%20ldh%20061407.jpg) Ahead of the opening bell, Dow Jones industrial average futures fell 1, or less than 0.1 percent, to 11,044. Standard & Poor's 500 index futures fell 2.20, or 0.2 percent, to 1,176.00, while Nasdaq 100 index futures fell 21.00, or 1 percent, to 2,073.50.
Apple shares fell $15.83, or 5 percent, to $302.17 in pre-opening trading. IBM dropped $4.84, or 3.4 percent, to $137.99.
Bank of America shares rose 16 cents to $12.50 ahead of regular trading. Johnson & Johnson fell 3 cents to $63.83.
Meanwhile, bond prices traded in a tight range. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.52 percent from 2.51 percent late Monday.
[Associated
Press; By STEPHEN BERNARD]
Copyright 2010 The Associated Press. All rights reserved. This
material may not be published, broadcast, rewritten or
redistributed.
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