Futures Mixed on Narrow Citigroup Beat

NEW YORK (TheStreet) -- Stock futures pointed to a mixed open Monday as Citigroup(C) reported third-quarter results that narrowly topped analysts' third-quarter profit expectations but fell short of revenue estimates.

Futures for the Dow Jones Industrial Average were down by 14 points, or 5 points above fair value, at 11,010. Futures for the S&P 500 were down by 2 points, or half of a point above fair value, at 1173 and Nasdaq futures were higher by 4 points, or 3 points above fair value.

Stocks had a mixed close Friday as investors weighed the negative impact of the foreclosure mess on banks against expectations for additional easing from the Federal Reserve and strong tech earnings.

Shares of Citigroup(C) traded 1.4% higher to $4 during the premarket session after the bank said earnings from continuing operations came in at 8 cents a share, beating estimates by 2 cents a share. Quarterly revenue was $20.7 billion, slightly below the $21 billion that analysts had been expecting.

At 9:15 a.m. EDT, the Fed will report on September industrial production and capacity utilization. Economists are anticipating a 0.3% uptick in industrial production, after a 0.2% rise, previously, while capacity utilization is projected to grow to 75% in September, from 74.7% in August.

At 10 a.m., the National Association of Home Builders' October housing market index is expected to remain unchanged at 13, according to Briefing.com.

Apple(AAPL) and IBM(IBM) reports earnings after the closing bell. According to Briefing.com, analysts are expecting profits of $4.06 a share and $2.75 a share, respectively.

In equities news, St. Jude Medical(STJ) said it will acquire all outstanding shares of AGA Medical Holdings(AGAM) for $20.80 a share.

Northest Utilities(NU) and NStar(NST) agreed to merge in a transaction with a total equity value of $9.5 billion and an enterprise value of $17.5 billion.

BP(BP) agreed to sell its upstream business in Venezuela and Vietnam to its Russian joint venture TNK-BP for $1.8 billion.

Philips Electronics(PHG) said net earnings rose to €524 million ($725.3 million) in the third quarter from €174 million previously, but warned that it was "cautious" on its sales outlook for the coming quarter.

Japanese electronics company Hitachi(HIT) and Johnson Controls(JCI) reached a deal to develop and make lithium-ion batteries for green vehicles.