* Tesla drops in premarket after results, outlook
* Microsoft narrows CEO search
* Futures up: Dow 67 pts, S&P 8.8 pts, Nasdaq 12.25 pts
By Chuck Mikolajczak
NEW YORK, Nov 6 U.S. stock index futures rose on
Wednesday on the possibility the Federal Reserve may keep
stimulus measures in place longer than anticipated ahead of data
key later this week on the labor market and economic growth.
* John Williams, president of the San Francisco Federal
Reserve Bank, said Tuesday the Fed should wait for stronger
evidence of economic momentum before pulling back on its massive
bond-buying program, but should then announce a definitive end
to the stimulus.
* Adding to speculation about a more dovish Fed, two of the
Federal Reserve's top staff economists made the case in new
research papers for more aggressive action by the U.S. central
bank to drive down unemployment by promising to hold interest
rates lower for longer.
* Many market participants have expected the Fed to hold off
on scaling back its $85 billion monthly bond purchases due to
expectations that a partial government shutdown in early October
has hurt the economy.
* The S&P 500 is up 23.6 percent for the year,
putting it on track for its best yearly performance since 2003,
boosted in large part by the Fed's stimulus measures.
* S&P 500 futures rose 8.8 points and were above 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 gained 67
points and Nasdaq 100 futures added 12.25 points.
* Tesla Motors Inc shares slumped 11.1 percent to
$157.15 before the opening bell after the electric car maker
forecast a weaker-than-expected fourth-quarter profit and posted
third-quarter Model S deliveries that disappointed some
* Microsoft Corp edged up 0.6 percent to $36.85 in
premarket trading after sources familiar with the matter said
the world's largest software maker had narrowed its list of
external candidates to replace Chief Executive Steve Ballmer to
about five people, including Ford Motor Co chief Alan
Mulally and former Nokia CEO Stephen Elop.
* As earnings season moves into its tail end, S&P companies
expected to report earnings on Wednesday include Qualcomm Inc
and Whole Foods Market Inc.
* According to Thomson Reuters data, of 404 companies in the
S&P 500 that reported results through Tuesday morning, 69.6
percent beat Wall Street's expectations, above the long-term
average of 63 percent. However, just 53.3 percent beat revenue
forecasts, below the 61 percent average since 2002.
* European shares rose, erasing the previous session's
losses, on better-than-expected results.
* Most Asian markets were little changed amid uncertainty
over monetary policy in the United States and Europe, though
Japanese stocks rose, thanks to gains in major car makers.