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Stock futures are little changed in premarket

By Steve Rothwell

Associated Press

Published: Wednesday, Jan. 22 2014 7:40 a.m. MST

NEW YORK — U.S. stock futures were little changed before the market opened on Wednesday. IBM dropped in premarket trading after its revenue fell short of forecasts from financial analysts.

KEEPING SCORE: Dow Jones industrial average futures were down 22 points to 16,333 before the opening bell. Standard & Poor's 500 index futures were up 0.3 points to 1,838, and Nasdaq futures rose six points to 3,616.

BIG BLUES: IBM shares fell $7.18, or 3.8 percent, to $181.25 in premarket trading after the computing company reported lower-than-expected revenue in the fourth quarter. IBM's revenue fell 5.5 percent, hurt by a drop at its hardware business. Profit, meanwhile, rose 6 percent and adjusted earnings beat Wall Street predictions.

HANDBAGS: Shares of Coach fell $3.67, or 7.2 percent, to $48.78 after the company reported a lower quarterly profit, citing weakness in women's bags and accessories in North America.

TREASURIES AND COMMODITIES: The yield on the 10-year Treasury note climbed to 2.85 percent from 2.83 percent on Tuesday. The price of oil rose 78 cents, or 0.8 percent, to $95.78 a barrel. Gold was little changed from Tuesday at $1,241.50 an ounce.

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