(By Salman - iStockAnalyst Writer)US stock futures retreated on Friday after Dow components Bank of America, General Electric and IBM reported disappointing quarterly results.
At 8:11 am ET, the S&P 500 futures retreated 6.50 points to 1081.200. The Dow Jones Industrial average futures declined 26 points to 9938. The Nasdaq Composite futures slipped 4.50 points to 1744.
Early on Friday, Bank of America (NYSE:
BAC) announced that its net loss applicable to common shareholders was $2.24 billion, or 26 cents a share in the third quarter, compared to a profit of $704 million, or 15 cents a share a year ago. Total revenue net of interest expense was $26.04 billion compared to $19.62 billion last year.
General Electric (NYSE:
GE), the largest US conglomerate, reported that its third-quarter net income dropped 44% to $2.49 billion, or 23 cents a share, from $4.31 billion, or 43 cents a share, in the prior-year quarter. Restructuring and other items totaled $600 million, or 5 cents a share. Revenue decreased 20% to $37.8 billion.
Halliburton Co (NYSE:
HAL), the world's second-largest oilfield services company, said Thursday that third-quarter profit declined to $262 million, or 29 cents per share, from $672 million, or 76 cents per share, in the comparable period last year. Revenue decreased 26 percent to $3.6 billion.
Late on Thursday, technology bellwether IBM Corp. (NYSE:
IBM) reported that its third-quarter earnings increased 14% to $3.2 billion, or $2.40 a share, from $2.8 billion, or $2.04 a share, in the year-earlier quarter. Revenue dropped to $23.6 billion from $25.3 billion. IBM lifted its full-year earnings forecast to a profit of at least $9.85 a share from $9.70 a share.
Internet search giant Google (NYSE:
GOOG) said that third quarter net income rose to $1.64 billion, or $5.13 a share, from $1.29 billion, or $4.06 a share, in the same quarter last year .Excluding special items, the company said earnings for the quarter were $5.89 a share. Revenue rose nearly 1% to $4.38 billion.
AMD, the world's second largest chip maker, said Thursday that its net loss totaled $135 million, or 18 cents a share, compared with a loss in the year-earlier period of $127 million, or 22 cents a share. Revenue fell to $1.4 billion from $1.8 billion in the year-earlier quarter.
On the economic front, industrial production and capacity utilization data are due for release at 09:15 am ET. The University of Michigan/Reuters consumer sentiment index data is scheduled for release at 09:55 am ET.
US stocks finished up on Thursday as a rally in energy stocks offset a decline in bank shares.
European stocks retreated in afternoon trade. At 13:10 pm London time, the UK FTSE lost 24.13 points or 0.46% to 5,198.82. The German DAX and French CAC decreased 0.61% and 0.77% respectively.
Asian stocks finished mixed. The Nikkei 225 rose 18.91 points or 0.18% to $10,257.56. The Hang Seng index of Hong Kong fell 69.18 points or 0.31% to 21,929.90.
NYMEX crude oil for November delivery dropped 44 cents to $77.14 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
