Futures Fall Ahead of Flurry of Earnings - Market Overview * US * News * Story

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CNBC ON DIGG

Futures Move Lower Despite Earnings Beats

Published: Wednesday, 21 Oct 2009 | 8:13 AM ET

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By: CNBC.com

Wall Street looked to open lower Wednesday as a raft of companies beating earning estimates failed to generate much market momentum.

Earnings season rolls on with a week that will ultimately see 25 percent of the S&P 500 report their quarterly numbers.

Dow component Boeing [BA Loading... () ] contributed to the sour mood by posting a quarterly loss of $2.23 a share that was worse than analyst estimates. The airline also lowered its guidance, and shares fell nearly 2 percent in premarket trading.

Also in earnings, Eli Lilly [LLY Loading... () ] posted better than expected results as it said sales of prescription drugs beat projections. Shares gained 2.1 percent premarket.

And major banks Wells Fargo [LLY Loading... () ] and Morgan Stanley [MS Loading... () ] both beat analyst estimates but investors were split. Wells Shares fell 1.4 percent premarket while Morgan climbed about 1.6 percent.

Yahoo [YHOO Loading... () ] was highest profile report of Tuesday's after-the-bell numbers, with the company trouncing expectations and also giving an upbeat fourth quarter forecast. SanDisk [SNDK Loading... () ] also beat estimates with its latest report.

Yahoo shares gained 4 percent in premarket trading while Sandisk jumped 8 percent.

In company news, officials CNBC.com-parent General Electric [GE Loading... () ] and Comcast [CMCSA Loading... () ] said they were continuing discussions about a possible deal but that there was no timetable for completion. GE shares edged lower premarket.

Also in deal news, US Bancorp [USB Loading... () ] is considering acquiring FBOP, which ones eight banks and could be put up for sale by the Federal Deposit Insurance Corp, according to a report in the Wall Street Journal.