Lackluster Earnings From General Electric (GE) and Bank of America (BAC) Weigh on Stock Futures
Market futures are lower this morning, and the DOW is once again ready to cross the 10,000 mark on the downside. The S&P 500 and NASDAQ markets are also poised to move lower.
The main reasons for the drop are lackluster earnings reports from both General Electric (NYSE: GE) and Bank of America (NYSE: BAC).
General Electric, although slightly beating on the bottom line, was light on the top line. GE missed analysts’ expectations on revenues by 4.8% ($37.8B vs. $39.7B)
Bank of America reported earnings that missed on both EPS and revenues. Revenues were $26B vs. an estimate of $27.6B, while EPS was -$0.26 vs. an estimate of -$0.21.
Put together these reports were enough to make investors think equities might have gotten ahead of themselves at least in the short term. The DOW is ready to open off 100 points lower, and the S&P 500 should open down 10 points.
