US STOCKS-Futures lower as General Growth stirs worry

NEW YORK, April 16 (Reuters) - U.S stock futures pointed to a lower open on Thursday after General Growth Properties, filed for bankruptcy, highlighting fears about the strength of consumer spending, and shares of JPMorgan Chase & Co (JPM.N) fell following its quarterly results.

General Growth Properties Inc GGP.N, the second largest U.S. mall owner, filed for Chapter 11 bankruptcy protection from its creditors, making it one of the biggest victims of the credit crisis yet. The companies shares fell more than 50 percent in premarket trade. [ID:nN16359952]

"The General Growth news is a little disconcerting for the market, their bankruptcy returns some focus to the fact that for commercial property we are nowhere near out of the woods," said Rick Meckler, president of investment firm Liberty View Capital Management in Jersey City, New Jersey.

JP Morgan reported better-than-expected quarterly earnings.But its shares, which are up nearly 19 percent since last Thursday when Wells Fargo (WFC.N) said it expected to report a robust first-quarter profit, fell in trading before the bell.

S&P 500 futures SPc1 fell 3.10 points 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 DJc1 fell 39 points, and Nasdaq 100 NDc1 futures rose 2.50 points.

Harley Davidson (HOG.N) shares rose after the motorcycle maker posted results a touch below consensus but affirmed full year shipment plans. The shares rose 6.2 percent to $18.20 in premarket trade.

Sector peer Polaris Industries Inc (PII.N) posted first quarter results ahead of estimates. It shares were flat before the bell.

In merger news, Sun Microsystems Inc (JAVA.O) would be willing to resume takeover talks with International Business Machines Corp (IBM.N) if IBM made a stronger commitment to closing a deal, Bloomberg said, citing two people familiar with the matter. [nBNG342056]

On the economic front, housing starts for March are expected to have fallen to 540,000, from 583,000, according to a Reuters survey, while weekly jobless claims are expected to have edged up to 655,000. (Reporting by Edward Krudy; Editing by Theodore d'Afflisio)