Stock futures mixed as investors eye earnings, Apple

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NEW YORK (Reuters) - Stock index futures were mixed on Monday as investors faced a busy week of corporate earnings results, while Apple fell on concerns of decreased demand.


Shares of Apple slid more than 3 percent in premarket trade after a report that the tech giant has cut orders for LCD screens and other parts for the iPhone 5 this quarter due to weak demand. The stock was down 3.5 percent at $502.02.


Earnings season picks up the pace this week with reports expected from companies including Goldman Sachs , Bank of America , Intel and General Electric . Overall earnings are expected to grow by just 1.9 percent in this reporting period, according to Thomson Reuters data.


Transocean Ltd has disclosed that billionaire activist investor Carl Icahn has acquired a 1.56 percent stake in the offshore rig contractor and is looking to increase that holding. Its shares rose 3.2 percent to $55.80.


S&P 500 futures fell 0.9 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 added 3 points, and Nasdaq 100 futures fell 9.25 points.


Boeing could come under renewed pressure after Japan's transport ministry launched an investigation into what caused two fuel leaks on a 787 Dreamliner jet owned by Japan Airlines Co 9201.


United Parcel Service Inc said it would drop its 5.2 billion euro ($7 billion) bid for Dutch delivery firm TNT Express on the expectation of an EU veto.


The U.S. economy is expected to grow by 2.5 percent in 2013, improving to 3.5 percent growth in 2014, top Fed official Charles Evans said on Monday.


Investors will also be watching a speech from Federal Reserve Chairman, Ben Bernanke, who will be speaking on monetary policy , recovery from the global financial crisis and long-term challenges facing the American economy at 4 p.m. (2100 GMT)


(Reporting by Leah Schnurr; Editing by Theodore d'Afflisio)



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