Bank of America, Google earnings weigh on stocks?

By DAVID K. RANDALL

NEW YORK Stocks were poised to open lower Friday after two bellwether companies missed Wall Street earnings estimates.

Google Inc. reported earnings after the market closed Thursday that missed analysts' estimates, in part because it is in the midst of a hiring spree. The stock fell 5.6 percent in pre-market trading.

Bank of America Corp. announced Friday that its earnings and revenue fell in the first quarter compared with last year. Its stock edged up, however, as it also announced a settlement that could reduce its liability for its part in issuing shoddy mortgages.

Better than expected economic news helped pull stock futures off of their earlier lows.

The Labor Department said Friday that core consumer prices - which strip out food and energy costs - rose 0.1 percent in March. Economists had expected those prices to rise 0.2 percent. Prices overall rose 0.5 percent, matching the gain in February.

Ahead of the opening bell, Dow Jones industrial average futures fell 7 points, or 0.1 percent, to 12,221. S&P 500 futures lost less than 0.1 percent to 1,309. Nasdaq 100 futures fell 3, or 0.1 percent, to 2,297.

Stock indexes are on the path to close lower for the week. The S&P index is down 1 percent for the week, which would mark its second straight week of losses. The Dow index is down 0.8 percent for the week. If it finishes the week lower, the Dow will have its first down week since March 18.

Financial stocks fell broadly Thursday, left out of a late lift that pared earlier losses for most major stock indexes. The Standard and Poor's 500 stock index added 0.11 point, or less than 0.1 percent, to close at 1,314.52. The Dow rose 14.16, or 0.1 percent, to 12,285.15.

source:businessweek.com

Posted in: saham