* GE Q4 profit, revenue top estimates
* Bank of America posts loss, shares fall
* Google shares gain after Thursday's results
* Futures up: S&P 5.8 pts, Dow 33 pts, Nasdaq 13 pts
* For up-to-the-minute market news see []
(Updates prices)
By Angela Moon
NEW YORK, Jan 21 (Reuters) - Wall Street was set for a
higher open on Friday after two days of declines as strong
earnings from General Electric and Google boosted investor
optimism.
General Electric Co <GE.N>, the world's biggest maker of
electric turbines and jet engines, reported
better-than-expected earnings, helped by the recovery of its
finance arm and a rise in revenue at its industrial units,
including a sharp pickup in sales of locomotives.
GE shares rose 3.3 percent to $19.05 in premarket trade.
For details, see []
But shares of Bank of America Corp <BAC.N> fell 2 percent
to $14.25 after the largest U.S. bank by assets reported a
second straight quarterly loss, driven by a $2 billion
write-down in its mortgage business. []
"The banks are not doing so well so far in this reporting
run," said Mike Lenhoff, chief strategist at Brewin Dolphin in
London. "On the other hand if you look at the nonfinancial sector, on balance, the results are not bad, so I don't think
the markets are going to get carried away with some poor
results from the banks."
Google Inc <GOOG.O> shares were up 2.4 percent at $642.03
in premarket trade after the company reported
better-than-expected net revenue for its fourth quarter, after
markets closed on Thursday. For details, see []
S&P 500 futures <SPc1> rose 5.8 points and were above 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> rose 33
points and Nasdaq 100 futures <NDc1> gained 13 points.
U.S. stocks fell for a second day on Thursday as lackluster
earnings from technology and materials companies didn't live up
to heighten expectations. The Standard & Poor's 500 Index
<.SPX> ended down 1.66 points, or 0.13 percent, at 1,280.26.
The S&P 500 is below its 10-day moving average for the
first time since Nov. 30, said Joseph Hargett, analyst at
Schaeffer's Investment Research based in Cincinnati, Ohio.
"The index has support in the 1,270 region, though, with
its 20-day trend line rising into the region. Resistance
remains at 1,290, with the 1,300 creating a longer-term hurdle
overhead," he said.
Shares of Schlumberger Ltd <SLB.N> gained 2.6 percent to
$87.50 in premarket trade after the world's largest oilfield
services company posted a higher-than-expected profit, boosted
by strong demand in North America.
Hewlett-Packard Co <HPQ.N> is shaking up a board criticized
by many as dysfunctional, bringing in five new directors,
including former eBay Inc <EBAY.O> chief Meg Whitman, as new
CEO Leo Apotheker remakes the company. []
In Europe, stronger bank and oil company shares helped
indexes bounce back on Friday from losses in the previous
session on worries about further monetary tightening by China.
(Editing by Padraic Cassidy)
