Futures Mixed as Market Weighs Earnings

NEW YORK ( TheStreet) -- Stock futures pointed to a mixed open Wednesday as Goldman Sachs ( GS) slightly missed revenue expectations and Wells Fargo ( WFC) met earnings estimates.

Futures for the Dow Jones Industrial Average were down by 7 points, or 19 points above fair value, at 11,804. Futures for the S&P 500 were lower by 3 points, or nearly a point above fair value, at 1,292, and Nasdaq futures were off by a quarter of a point, or nearly 3 points above fair value.

Goldman Sachs surpassed analysts' fourth-quarter earnings estimates by 3 cents with a profit of $3.79 a share but missed revenue expectations . Revenue for the quarter was $8.64 billion, compared with the nearly $9 billion that Wall Street had been projecting. The stock was down 2.7% to $169.40 ahead of Wednesday's opening bell.

Wells Fargo met profit estimates with earnings of 61 cents a share and reported better than expected revenue of $21.5 billion, compared with the $20.98 billion that analysts had forecast. Shares were off by 2.4% at $31.75.

Stocks advanced Tuesday despite disappointing earnings from Citigroup ( C) and news that Apple ( AAPL) CEO Steve Jobs will take a medical leave of absence.

Shares of Citigroup, however, were up 1% to $4.85 in early trading Wednesday after a Wall Street Journal report said the bank is expected to name John Havens, leader of its institutional clients group, as its president and chief operating officer .

Apple shares were on the rebound Wednesday, up 1% to $343.80 in premarket trading after beating estimates with earnings of $6.43 a share on sales of $26.74 billion.

IBM's ( IBM) stock was also up in early trading after a late Tuesday earnings beat . Shares were trading 2.5% higher at $154.45 after the company beat on the top and bottom line with earnings of $4.18 a share on sales of $29 billion.

Shares of U.S. Bancorp ( USB) were up 0.7% to $27.50 after it surpassed expectations with earnings of 49 cents a share on sales of $4.7 billion . Analysts had been anticipating a profit of 46 cents a share on sales of $4.52 billion.

The market will also be watching for headlines coming out of Chinese President Hu Jintao's meetings with President Barack Obama during his four-day stay in the U.S.

Hong Kong's Hang Seng added 1.1% and Japan's Nikkei rose 0.4%. London's FTSE was shedding 0.4% and the DAX in Frankfurt was down by 0.1%.

The Commerce Department said housing starts slipped 4.3% in December to 529,000 from 553,000, previously, missing expectations for 550,000 starts. Meanwhile, building permits jumped 16.7% to 635,000, from 544,000 in November, surpassing the 560,000 permits that economists had expected for December.

In commodity markets, the February crude oil contract was trading 49 cents higher at $92.80 a barrel. The February gold contract was up by $4 to trade at $1,372.20 an ounce.

The dollar weakened against a basket of currencies with the dollar index down by 0.5%. The benchmark 10-year Treasury note fell 1/32, lifting the yield to 3.372%.


--Written by Melinda Peer in New York.
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.