* BofA, Google results join list of mediocre results
* Analyst: BofA results show financials to stay pressured
* CPI and consumer confidence data on tap
* Futures down: Dow 23 pts, S&P 2.7 pt, Nasdaq 3.25 pts
* For up-to-the-minute market news see []
(Adds analyst comment, updates prices)
By Ryan Vlastelica
NEW YORK, April 15 (Reuters) - U.S. stock index futures
fell slightly on Friday after Bank of America Corp <BAC.N>
reported a sharp drop in earnings, adding to investors' caution
shortly after the start of the earnings season.
The largest U.S. bank reported a steeper-than-expected
decline of 37.5 percent in profit and named a new chief
financial officer. The stock, a Dow component, was volatile in
premarket trading, falling by 1.7 percent before rebounding to
turn positive. For details, see []
Another major company to report was Google Inc <GOOG.O>,
which worried investors late on Thursday with a large jump in
first-quarter spending. But the company's finance chief said it
was a sign of optimism. The Internet company reported an
adjusted profit slightly under expectations, and the stock fell
5.4 percent to $547.04 in premarket trading. []
Bank of America's results followed earnings from JPMorgan
Chase & Co <JPM.N> on Wednesday, which reported fewer
outstanding loans and which raised questions about banks'
future profitability. []
"When you looked at JPMorgan on Wednesday, as you read
between the lines of where they get revenue, you saw some areas
of concern and some warnings from them," Oliver Pursche,
president at Gary Goldberg Financial Services in Suffern, New
York.
"Now we're seeing a similar breakdown in Bank of America,
which reaffirms our position that financials will continue to
be under some pressures."
The first week of earnings has been mixed, with bellwether
companies unable to excite the market despite some cases of
stronger-than-expected profits. Investors have been
disappointed with companies' revenues or outlooks.
Mattel Inc <MAT.O> reported on Friday first-quarter
earnings that fell due to higher costs, though they met Wall
Street's expectations. []
"Earnings season is starting out rather slow, though we're
still optimistic on the season as a whole," Pursche said. "But
if across industries we start seeing more red flags ... that's
when we'll become more bearish."
S&P 500 futures <SPc1> fell 2.7 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 <DJc1> fell 23
points and Nasdaq 100 futures <NDc1> fell 3.25 point.
March consumer price data will be released at 8:30 a.m.
[] and will be examined for the impact of energy and
food prices.
Although core inflation figures are expected to show the
same gain as in February of 0.2 percent, any move higher could
put pressure on the Federal Reserve's monetary policy.
In China, inflation jumped to a 32-month high, reinforcing
the view that the government will have to do more to rein in
prices. []
The New York Fed's Empire State manufacturing index for
April and the Thomson Reuters/University of Michigan consumer
sentiment report will also be released, with manufacturing seen
weakening and confidence expected to edge slightly higher from
the previous month.
(Editing by Kenneth Barry)
