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US STOCKS-Futures mixed after tech sector results disappoint

Source : REUTERS
Last Updated: Fri, Jul 19, 2013 11:30 hrs

* Microsoft, Google tumble after results miss

* Investors could take profit after record highs on Dow, S&P

* Futures: S&P up 1.2 pts, Dow dn 11 pts, Nasdaq dn 1.5 pts

NEW YORK, July 19 (Reuters) - U.S. stock index futures were mixed on Friday, after the Dow and S&P 500 closed at record highs a day earlier, in the wake of disappointing results from tech giants Microsoft and Google.

* Shares of Microsoft and Google were lower in premarket trading after the results of both, announced after the close of trading Thursday, fell short of expectations. Microsoft was down 7.2 percent, while Google tumbled 3.5 percent.

* Also in the tech sector, Advanced Micro Devices slumped 8.2 percent after the company said gross margins would fall, even as the chip maker forecast stronger-than-expected revenue growth in the third quarter.

* Analysts expect S&P 500 companies' second-quarter earnings to have grown 3.5 percent from a year earlier, with revenue up 1.1 percent, according to Thomson Reuters data.

* So far, 70.4 percent of companies that have reported results have surpassed analysts' earnings expectations, while 49.4 percent have topped revenue views.

* S&P 500 futures added 1.2 points but 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 slipped 11 points, and Nasdaq 100 futures were off 1.5 points.

* Without fresh economic data on tap, investors may consider the high-profile earnings disappointments an incentive to lock in profit, with the Dow and S&P sitting at record closing highs. The benchmark S&P is up more than 18 percent for the year.

* Shares of Schlumberger and General Electric both rose after reporting results Friday. Schlumberger gained 2.3 percent, while GE added 2 percent.




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