Stocks set for mixed open after GE, Citi's results
U.S. stock futures were mixed to higher Friday morning after General Electric and Citigroup reported quarterly results that beat analyst estimates. Without much economic data on the docket today, investors will likely focus on earnings now that the first week of results is over and more potential problems in the auto restructuring process.
Citigroup Inc. (C) reported a loss of 18 cents a share, while General Electric (GE) posted a profit of 26 cents a share from continuing operations in the first quarter, topping estimates. But while results may have surprised analysts, they weren't good.
Meanwhile, car czar Steven Rattner, head of the U.S. government's auto task force, is part of a probe into an alleged kickback scheme at New York's state pension fund, according to the Wall Street Journal.
Overseas, Asian stocks closed higher and European market also opened on a positive albeit cautious note.
One economic indicator will be reported today, April University of Michigan Consumer Sentiment-Preliminary at 9:55 AM.
Also, Federal Reserve Chairman Ben Bernanke will speak at a financial services conference at noon.
Disclosure: Long Citi and GE