* Citigroup adjusted profit hit by bond trading slowdown;
* U.S. senators hint at possible fiscal deal on Tuesday
* Burberry names Bailey CEO as Ahrendts quits for Apple
* Futures mixed: Dow down 15 pts, S&P down 3.5 pts, Nasdaq
up 3.25 pts
By Angela Moon
NEW YORK, Oct 15 U.S. stock futures edged lower
on Tuesday after Citigroup reported a marginal fall in adjusted
quarterly profit from continuing businesses after the Federal
Reserve chose to continue its program of bond buying for longer
Revenue from bond market trading fell 26 percent on an
adjusted basis. Bond trading volume across much of Wall Street
slowed during the quarter because of the Fed decision.
Citigroup shares were off 1.6 percent at $48.80 in
The bank's third-quarter net income, adjusted for certain
items, slipped to $3.26 billion, or $1.02 per share, from $3.27
billion, or $1.06 per share a year earlier.
S&P 500 futures lost 3.5 points and were slightly
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 fell
15 points while Nasdaq 100 futures added 3.25 points.
Futures were higher prior to Citigroup's results on signs of
progress in Washington toward a deal to reopen the government
and lift the debt ceiling as the Oct. 17 deadline looms.
In a busy day of earnings, nine companies representing 5.1
percent of the S&P 500 index report results including Yahoo! Inc
and Intel Corp after the bell.
As of Monday's close, 31 companies representing 7.3 percent
of S&P 500's market-cap had reported with revenues matching
expectations and earnings beating by 6.2 percent, largely due to
financial companies, according to Jonathan Golub, chief U.S.
market strategist at RBC Capital Markets in New York.
Johnson & Johnson reported stronger-than-expected
quarterly results on strong growth for its prescription drugs,
including new treatments for cancer and to prevent blood clots,
and the company slightly raised its full-year profit forecast.
The stock was up 1.3 percent at $91.00.
Coca-Cola Co reported higher quarterly earnings and
lower revenue on Tuesday, helped by strong global sales of its
Coca-Cola brand products but challenged by volatility in some
parts of Europe. The stock was up 1.1 percent at $38.33.
A month of combat in the U.S. Congress over government
spending showed signs late Monday of giving way to a Senate deal
to reopen shuttered federal agencies and prevent an economically
damaging default on federal debt.
Senate Majority Leader Harry Reid, a Democrat, and his
Republican counterpart, Mitch McConnell, ended a day of talks
with optimistic proclamations.
Christopher Bailey, the designer credited with restoring the
cachet to fashion brand Burberry, is to become chief
executive next year when long-standing boss Angela Ahrendts will
move to Apple.
Ahrendts, who has been Burberry boss for eight years, during
which time its share price has soared about 250 percent, will
take up a newly created position at Apple as a senior vice
president with oversight of retail and online stores. She will
report directly to CEO Tim Cook.
Shares of Teradata Corp fell nearly 16 percent in
premarket trade, a day after plunging 110 percent late Monday
after the data analytics firm cut its full-year earnings
forecast by about 10 percent.