* China, Europe PMIs lift sentiment
* Jobless claims data on tap
* Futures: S&P down 3.7 pts, Dow up 6 pts, Nasdaq off 34.75
By Edward Krudy
NEW YORK, Jan 24 U.S. stock index futures fell
Thursday as a revenue miss by Apple triggered a slide of nearly
10 percent in its shares in after-hours trading, and analysts
said equities may be due for a pullback after a six-day rally
for the S&P 500.
* Apple Inc missed Wall Street's revenue forecast
for a third straight quarter after iPhone sales came in below
expectations, fanning fears its dominance of consumer
electronics is slipping. The shares dropped 9.5 percent to
$465.40 in premarket trading, wiping out about $50 billion of
its market value.
* However, some positive economic news looked set to put a
floor under stock prices. Growth in Chinese manufacturing
accelerated to a two-year high this month and a buoyant Germany
took the euro zone economy a step closer to recovery, business
surveys showed on Thursday.
* "The march to 1,500 on the S&P is looking quite strong,
the question is will Apple be the spoiler?" said Peter Cardillo,
chief market economist at Rockwell Global Capital in New York.
"My guess is that while Nasdaq might suffer losses today,
both the Dow and the S&P may do otherwise based on economic news
out of China and Europe."
* The S&P 500 rose for a sixth day on Wednesday after
stronger-than-expected profits from IBM and Google
. But the rally that has lifted stocks to five-year
highs could be halted by Apple's after-hours revenue miss,
especially on the technology heavy Nasdaq index.
* S&P 500 futures fell 3.7 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 rose 6
points and Nasdaq 100 futures fell 34.75 points.
* Corporate earnings have helped drive the recent stock
market rally. Thomson Reuters data through Wednesday showed that
of the 99 S&P 500 companies that have reported earnings, 67.7
percent have exceeded expectations, above the 65 percent average
over the past four quarters.
* Investors in U.S.-based mutual funds pumped $9.32 billion
into stock funds in the week ended Jan. 16, the second
consecutive week of inflows for such funds, data from the
Investment Company Institute showed Wednesday.
* European shares were little changed in midday trading as
mixed company earnings coupled with conflicting economic data
from the region made investors wary, with indexes at multi-year
* Netflix Inc surprised Wall Street on Wednesday
with a quarterly profit after the video subscription service
added nearly 4 million customers in the United States and
abroad, sending its shares nearly 40 percent higher in premarket
* On the macro front, investors awaited weekly jobless
claims, at 8:30 a.m. ET (1330 GMT), Markit Manufacturing PMI for
January, due at 8:58 a.m. (1358 GMT), and December leading
economic indicators, due at 10:00 (1500 GMT).
* Among the companies set to report results Thursday were
Bristol-Myers Squibb, Lockheed Martin, 3M
Company, Microsoft, Raytheon, Starbucks
, AT&T Inc., and Xerox Corp..