NEW YORK (TheStreet) -- Thursday is a busy day on Wall Street with a deluge of earnings reports for markets to digest. Stock futures were modestly lower as General Motors (GM, Facebook (FB and AT&T (T reported their most recent quarterly results.
S&P 500 futures were down 0.31%, Dow Jones Industrial Average futures slipped 0.3%, and Nasdaq futures fell 0.31%.
U.S. jobless claims rose 1,000 to 295,000 in the week ended April 18. Economists had expected the number of new claims for unemployment benefits to drop to 288,000 from 294,000 the week earlier.
General Motors missed on its top- and bottom-lines with earnings of 86 cents a share missing by 11 cents. Revenue of $35.7 billion fell 4.5% from a year earlier as sales in South America, Europe and Russia took a significant hit on currency exchange issues. Total revenue was reduced by $1.8 billion due to foreign exchange. Shares were down more than 3% in premarket trading.
Facebook was slightly lower in premarket trading following a mixed earnings report. Net income of 42 cents a share beat estimates by 2 cents, while revenue of $3.54 billion missed by $20 million. Sales rocketed 41.6% higher year over year.
AT&T reported a mixed quarter, beating first-quarter earnings estimates of 62 cents a share by a penny, but missing revenue forecasts by $270 million.
Qualcomm (QCOM slipped 2% in premarket trading after full-year guidance came in lighter than expected. The company expects 2015 sales between $25 billion and $27 billion and net income of $4.60 to $5 a share. Consensus was for $27.22 billion in sales and earnings of $5 a share.
eBay (EBAY jumped 4.5% after reporting net income of 77 cents a share, 7 cents higher than expected, while revenue of $4.45 billion climbed 4.5% from a year earlier.
Caterpillar (CAT jumped nearly 5% as net income of $1.86 a share rocketed past earnings estimates of $1.35. The construction equipment company boosted full-year earnings guidance to $4.70 to $5 a share from a previous $4.60 to $4.75 a share due to improving operational efficiencies.
Procter & Gamble (PG reported an in-line third quarter as organic sales rose 1%. Revenue tumbled 7.6%, however, as total volume dropped 2% and foreign exchange issues ate into sales by eight percentage points.
PepsiCo (PEP warned of how a stronger dollar would hurt its full-year performance more than forecast two months ago. The beverage and snacks company said it now expects currency to cut earnings by 11 percentage points, up from a previously-estimated 7 percentage points. PepsiCo beat on the top- and bottom-line in its first quarter.
3M (MMM suffered from a strong dollar as well, reporting profit of $1.85 a share, 8 cents less than expected. Revenue of $7.57 billion was down more than 3% from a year earlier and missed estimates by $270 million.
United Continental (UAL beat earnings estimates in its first quarter, netting $1.52 a share, 8 cents better than forecast. Revenue slipped 1% to $8.61 billion, narrowly missing estimates. Passenger revenue per available seat mile increased 0.4%.
BP (BP was moving slightly higher in premarket trading after announcing it will sell its stake of just more than 36% in the Central Area Transmission System business in the North Sea of the U.K. BP will sell its stake to majority owner Antin Infrastructure Partners for 324 million pounds ($386 million).