US STOCKS-Wall Street to open mixed on earnings, China data

Fri Jan 18, 2013 9:01am EST
 
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* Morgan Stanley up more than 6 pct after results

* Weak outlook weighs on Intel, indicated down 6 pct

* China economic growth beat s expectations

* Futures: S&P up 0.8 pt, Dow up 7 pts, Nasdaq down 6.25 pts

By Leah Schnurr

NEW YORK, Jan 18 (Reuters) - Wall Street was set to open little changed on Friday, a day after the S&P 500 rose to its highest level in five years, as a weak outlook from Intel was weighed against encouraging data out of China and a fourth-quarter profit at Morgan Stanley.

Shares of Intel Corp slumped 6.5 percent to $21.20 in premarket trading after the tech company forecast quarterly revenue that was below analysts' estimates and hiked capital spending plans for the year. Nasdaq futures indicated the index would fare worse than the Dow and S&P.

Futures got a lift after Morgan Stanley reported a fourth-quarter profit after a year-earlier loss, helped by higher revenue at the bank's institutional securities business. Its stock jumped 6.6 percent to $22.10 in premarket trading.

Economic data out of China provided some support to the market, though the focus remained on U.S. corporate earnings. The country's economy grew at a modestly faster-than-expected 7.9 percent in the fourth quarter, the latest sign the world's second-biggest economy was pulling out of a post-global financial crisis slowdown which saw it grow in 2012 at its weakest pace since 1999.   Continued...