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US STOCKS-Futures fall on Citigroup, Goldman results

Published 10/15/2009, 08:27 AM
Updated 10/15/2009, 08:33 AM
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* Goldman Sachs, Citigroup report

* Futures point to lower open

* For up-to-the-minute market news, click [STXNEWS/US]

(Updates with Goldman, Citigroup results)

By Edward Krudy

NEW YORK, Oct 15 (Reuters) - U.S. stock index futures fell on Thursday after quarterly results from Goldman Sachs Group and Citigroup Inc failed to live up to expectations some investors had for financial sector shares.

Goldman's results came a day after much stronger-than expected-numbers JPMorgan Chase & Co drove stocks to new yearly highs and raised hopes that other banks would follow suit, helping to underpin a 7-month rally in stocks.

Shares in Goldman Sachs fell 2.4 percent before the bell to $187.63 while Citigroup Inc , which also reported quarterly results, dropped 4 percent to $4.80.

"I think expectations have just gotten so high after JPMorgan and all the rhetoric from yesterday," said Keith Davis, financial analyst at Farr, Miller & Washington in Washington, D.C.

S&P 500 futures fell 5.50 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 fell 37 points, and Nasdaq futures lost 9.75 point. (Reporting by Edward Krudy; Editing by Padraic Cassidy)

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