Sock futures fall after Apple, Amazon results; GDP eyed

NEW YORK (Reuters) - Stock index futures fell on Friday after technology giants Apple and Amazon.com reported lackluster earnings and outlooks, and ahead of economic growth data.

* Apple Inc shed 0.1 percent to $608.99 in premarket trading after the world's largest company by market capitalization delivered a second straight quarter of disappointing results and iPad sales fell well short of analysts' targets. The company also forecast revenue and margins below Wall Street forecasts.

* Amazon.com Inc dropped 1.6 percent to $219.47 in premarket trading after posting its first quarterly net loss in more than five years. It forecast fourth-quarter revenue that fell short of analysts' expectations.

* Investors will eye the Commerce Department's first estimate of third-quarter gross domestic product at 8:30 a.m. EDT (1230 GMT).

* Analysts polled by Reuters earlier this week expect growth of 1.9 percent, faster than 1.3 percent growth in the second quarter, but not brisk enough to quickly bring down the unemployment rate. Some economists scaled back their forecasts on Thursday after signs of weakness in durable goods orders in September.

* The S&P 500 has dropped 1.4 percent this week as dismal corporate earnings and cautious outlooks, especially from large multinationals, have painted a gloomy picture of the global economy.

* Adding to uncertainty is the impending U.S. presidential election on November 6, which, along with earnings and growth worries, has helped drop the benchmark S&P index to below a key support level, the 50-day moving average, at around 1,434.

* Still, many analysts expect the retreat to wane near 1,400 or 1,375, as the Federal Reserve's latest stimulus policy puts a floor under equity prices.

* With 244 companies in the S&P 500 having reported, 62.3 percent have beaten earnings expectations, a tad better than the typical 62 percent average, Thomson Reuters data showed.

* Revenue for the quarter has been more disappointing, with just 36.3 percent of companies reporting higher-than-expected revenue - compared with a historic beat rate of 62 percent.

* S&P 500 futures fell 11.5 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 106 points, and Nasdaq 100 futures declined 17 points.

* Economic data expected later in the session includes the Thomson Reuters/University of Michigan Surveys of Consumers final October consumer sentiment index at 9:55 a.m. (1355 GMT). Economists in a Reuters survey expect a reading of 83.0 compared with 83.1 in the preliminary October report.

* Dean Foods Co's gained 1.7 percent to $19.11 in light premarket trade as its Morningstar business has attracted takeover interest from Michael Foods and Mexican dairy company Grupo Lala, people familiar with the matter said, in a deal that could be valued in the $1 billion to $1.5 billion range.

* Newell Rubbermaid Inc reported a higher-than-expected quarterly profit and raised its quarterly dividend by 50 percent to 15 cents a share but also said it would cut about 2,000 jobs over the next 2 1/2 years as it attempts to combat slower sales.

* European equity markets eased, weighed down by a fresh batch of gloomy corporate outlooks, as the euro zone crisis put a dent in demand for everything from cars to building materials. <.EU>

* Asian shares and commodities slid as investors shunned risk on concerns over corporate earnings, with the region's exporters struggling against shrinking global demand.

(Editing by Bernadette Baum)



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