NEW YORK (Reuters) ? Dow and S&P 500 index futures edged lower on Wednesday as the market continues to show signs of fatigue this week after a strong run from late last year, but the Nasdaq rose on forecast-beating results from Apple Inc (AAPL.O).
Apple's results on Tuesday were a standout in what has otherwise been a fairly lackluster earnings season. So far 58 percent of companies have beat forecasts while at this stage in the third quarter earnings season, 70 percent beat forecasts.
"Up until now there have been pockets of weakness in a handful of companies that have sparked concern among investors," said Andre Bakhos, director of market analytics at Lek Securities in New York.
Apple was up 7.8 percent to $453.02 in pre-market trading after its quarterly results blew past Wall Street's expectations as U.S. consumers snapped up near-unprecedented numbers of iPhones and iPads, sending its shares up into record territory.
Countering Apple there was more weakness in industrial names. Shares of Corning Inc (GLW.N) fell 5.3 percent to $13.85 as manufacturers cut back on the production of big-screen televisions that use the company's glass.
Bahkos said that lack of direction in the market this week was more likely due to a 22 percent run-up since October lows and that the market was poised to move higher as the economy improved and Europe contained its debt crisis.
"This market is setting itself up for a potent upside move," he said.
S&P 500 futures fell 3.4 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 were off 41 points, and Nasdaq futures rose 14 points.
The U.S. Federal Reserve, which is holding a two-day policy meeting that ends on Wednesday, looks set to keep monetary policy on hold even as it releases forecasts expected to show interest rates will be near zero for at least two more years.
Meanwhile late on Tuesday, U.S. President Barack Obama used his last State of the Union speech before the November election to paint himself as the champion of the middle class, by demanding higher taxes for millionaires and tight reins on Wall Street.
Roche Holding AG (ROG.VX) is offering $5.7 billion in cash to buy U.S. gene sequencing company Illumina Inc (ILMN.O) in a hostile takeover bid that marks a major play by the Swiss drugmaker into the gene technology field. Illumina rose 41.7 percent to $53.31 in pre-market trade.
Plane-maker Boeing Co (BA.N) on Wednesday said its quarterly profit rose on stronger commercial airplane deliveries. The shares fell 1.2 percent to $74.43 in premarket trading after running up more than 20 percent since late November.
Diversified U.S. manufacturer Textron Inc (TXT.N) reported a quarterly loss after taking a hefty charge to write down the value of loans on golf courses -- a hangover from the financial crisis. Its shares were up 7.5 percent to $23.22 before the open.
European shares (.FTEU3) fell 0.7 percent on Wednesday, weighed by the tech sector after a sharp post-results decline for mobile telecoms network gear maker Ericsson (ERICb.ST).
The National Association of Realtors issues Pending Home Sales for December at 10 a.m. (1500 GMT). Economists expect a 1.0 percent fall compared with a 7.3 percent rise in the previous month.
(Reporting By Edward Krudy; Editing by Chizu Nomiyama)
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