U.S. stock index futures flat; Alcoa eyed

PARIS, Oct 10 (Reuters) - U.S. stock index futures pointedto a flat opening on Wall Street on Wednesday, with futures forthe S&P 500 up 0.06 percent, Dow Jones futuresdown 0.07 percent and Nasdaq 100 futures up 0.02 percentat 0830 GMT.

* European shares slipped on Wednesday morning,down for the third day running, while the euro and Spanish andItalian bonds came under fresh pressure as economicanxiety was compounded by the euro zone's struggle against itsdebt crisis and by concerns over the earnings season.

* Aluminium major Alcoa will be in focus afterkicking off the earnings season late on Tuesday, posting aquarterly profit before exceptional items that beat analystexpectations, but warning about a "slight slowdown" in someregions and end markets. Shares in the company traded inFrankfurt were down 2.3 percent.

* KFC parent Yum Brands Inc will also be in thespotlight after raising its full-year outlook late on Tuesday,with sales in China holding up despite a cooling of economicgrowth in that market, the company's largest.

* Chevron Corp warned that third-quarter profitswould be "substantially lower" than the previous quarter's as ahurricane and maintenance curbed its oil and gas output and afire hit its refining arm.

* The U.S. warehouse chain Costco Wholesale Corpposted a 27 percent jump in fourth quarter profit, as salescontinued to rise and it got a lift from higher membership fees.

* FedEx Corp said on Tuesday it plans to sharply cut

costs at its underperforming express air freight and servicesdivisions, seeking to improve profits at those operations by$1.7 billion over the next four years.

* Shares in the Dutch delivery group TNT Expressfell as much as 2.5 percent on Wednesday after the FinancialTimes reported the European Union would object to American rivalUPS's 5.2 billion euro ($6.7 billion) bid for TNT.

* Best Buy Co Inc's chief financial officer, JamesMuehlbauer, is leaving the embattled retailer after more than adecade, the company said on Tuesday.

* U.S. engine maker Cummins Inc cut its full-yearrevenue forecast by $1 billion to $17 billion, citing aweakening global economy. It said it expects to cut up to 1,500jobs by the end of the year.

* Goldman Sachs Group Inc has approached U.S.regulators to seek changes in the Volcker rule as it looks atpreserving its merchant banking unit, the Wall Street Journalreported.

* Boeing Co is on course to achieve a difficultproduction target for its fuel-efficient 787 Dreamliner jets, anexecutive said on Wednesday, after falling behind its initialdelivery schedule due to development delays.

* The U.S. government filed a civil mortgage fraud lawsuiton Tuesday against Wells Fargo & Co , the latest legalvolley against big banks for their lending during the housingboom.

* U.S. premium denim maker True Religion Apparel Inc

is expected to announce on Wednesday that it is puttingitself up for sale and has fielded buyout proposals from privateequity firms and apparel industry companies, the Wall StreetJournal reported, quoting a person familiar with the matter.

* Short interest on the New York Stock Exchange was down 3.1percent in the second half of September from the first half, theexchange said on Tuesday.

* U.S. stocks fell on Tuesday, led by losses in technology,after brokerage downgrades of Intel and other major companies asworries increased about third-quarter U.S. earnings.

* The Dow Jones industrial average fell 110.12points, or 0.81 percent, to 13,473.53 at the close. The S&P 500

lost 14.40 points, or 0.99 percent, to 1,441.48. TheNasdaq Composite dropped 47.33 points, or 1.52 percent,to close at 3,065.02.

(Reporting by Blaise Robinson; Editing by Kevin Liffey)


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