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Futures Mixed Despite Solid Earnings News

Published: Tuesday, 20 Oct 2009 | 8:18 AM ET

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Futures wobbled despite the strength of more earnings surprises from some of Wall Street's leading companies.

Construction machinery manufacturer Caterpillar [CAT Loading... () ] led the charge, smashing analyst estimates with profit of 64 cents while also raising its full-year outlook. The earnings surprise sent Caterpillar's shares 6.5 percent higher in premarket trading.

Futures pared some gains—though the Nasdaq remained strongly positive—after economic numbers showed a steeper-than-expected fall in producer prices and a slip in housing starts as well.

Dow component DuPont [DD Loading... () ] also beat Street expectations, sending shares higher 3.3 percent, but investors were somewhat disappointed by a narrow beat from Coca-Cola [KO Loading... () ], sending the soft drink giant's shares 2 percent lower premarket.

Investors thus far in earnings season have been encouraged enough to push the major averages to new 2009 closing highs. The S&P 500 cracked 1,100 intraday Monday for the first time since October 3, 2008, though it did not finish there.

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The Nasdaq may well add to its highest close since September 26, 2008, thanks to the latest earnings from Apple, [AAPL Loading... () ] whose shares reached an all-time high after its quarterly report was released late yesterday afternoon. Apple shares were up 6.5 percent premarket.

Apple earned $1.82 per share for its latest quarter, 40 cents above estimates. The tech sector may also get a boost from Texas Instruments, [TXN Loading... () ] which earned 42 cents a share for its third quarter, three cents above consensus. Its shares were up 2.5 percent premarket.

Other Dow components reporting before the opening bell this morning were Pfizer; [PFE Loading... () ] and United Technologies [UTX Loading... () ], both of whichb beat forecasts. Pfizer gained 3.3 percent but UTX shares edged lower.