Futures little changed as bank earnings eyed.

(Reuters) - Stock index futures
were little changed on
Wednesday as investors
awaited results from Goldman
Sachs Group and Wells Fargo
after financial stocks fell in
the previous session on
disappointing results from
Citigroup.
A number of banks are scheduled to release
results throughout the day, including Goldman
Sachs Group Inc ( GS.N), which is expected to
report a 50 percent fall in quarterly profit because
of the same weak fixed income trading
environment that hurt Citigroup Inc results ( C.N).
Despite concerns over bank results, strong
earnings from Apple Inc (AAPL.O) and
International Business Machines Corp (IBM.N) late
Tuesday reinforced hopes of an overall strong
earnings season.
"There is no question the bulls are in control as
we see some quality earnings coming in. If
Goldman Sachs earnings are disappointing, will it
derail the current sentiment? I don't think so," said
Peter Cardillo, chief market economist at Avalon
Partners in New York.
Apple's profit blew past Wall Street expectations
on strong sales of iPhones, iPads and Mac
computers. The results offered some reassurance
to investors worried over what impact the latest
medical leave by Chief Executive Steve Jobs
would have on growth.
Apple shares were up 2 percent at $347.39 in
premarket trade after a number of brokerages,
including Goldman Sachs and Bank of America
Merrill raised their price targets on the stock.
IBM's quarterly profit also easily topped estimates,
and a recovery in its services business raised
hopes that global companies would spend more
on technology. [ID:nN18146899] The stock was
up 2.6 percent at $154.60 in premarket trade.
S&P 500 futures fell 0.7 point 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 were unchanged, while Nasdaq
100 futures gained 0.25 point.
Optimism about earnings has bolstered equities,
with the S&P 500 .SPX ending last Friday with its
seventh straight week of gains.

Source: Http://www.reuters.com/article/idUSTRE70G3AB20110119