Stock futures are little changed in premarket
US stock futures are little changed before market opens; IBM falls on revenue outlook
Associated Press
2014-01-22 10:42 PM

NEW YORK (AP) -- U.S. stock futures were little changed before the market opened on Wednesday. IBM dropped in premarket trading after its revenue fell short of forecasts from financial analysts.

Dow Jones industrial average futures were down 22 points to 16,333 before the opening bell. Standard & Poor's 500 index futures were up 0.3 points to 1,838, and Nasdaq futures rose six points to 3,616.

IBM shares fell $7.18, or 3.8 percent, to $181.25 in premarket trading after the computing company reported lower-than-expected revenue in the fourth quarter. IBM's revenue fell 5.5 percent, hurt by a drop at its hardware business. Profit, meanwhile, rose 6 percent and adjusted earnings beat Wall Street predictions.

Shares of Coach fell $3.67, or 7.2 percent, to $48.78 after the company reported a lower quarterly profit, citing weakness in women's bags and accessories in North America.

The yield on the 10-year Treasury note climbed to 2.85 percent from 2.83 percent on Tuesday. The price of oil rose 78 cents, or 0.8 percent, to $95.78 a barrel. Gold was little changed from Tuesday at $1,241.50 an ounce.

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