US STOCKS-Futures flat ahead of GDP data, Ford sinks early

                                

                                
 * GDP on tap, seen growing 3.5 pct in Q4
                                
 * Ford tumbles after results, weighs on GM
                                
 * Dow could notch ninth straight week of gains
                                
 * Futures: Dow 4 pts, S&P down 0.5 pt, Nasdaq up 2.75 pts
                                
 * For up-to-the-minute market news see [STXNEWS/US]
  (Adds quote, updates prices)
                                
 By Ryan Vlastelica
                                
 NEW YORK, Jan 28 (Reuters) - U.S. stock index futures were
little changed on Friday, with the Dow on track for a ninth
straight week of gains, as investors awaited a key reading on
economic growth to see if recent gains could be extended.
                                
 The U.S. gross domestic product advanced reading, due at
8:30 a.m. EST (1330 GMT), is seen having risen 3.5 percent in
the fourth quarter, more growth than the previous quarter but
not enough to significantly lower severe unemployment. For
details, see [ID:nN27219246]
                                
 The Dow and the S&P have struggled to advance past major
technical levels -- 12,000 for the Dow and 1,300 for the S&P --
with technical measures indicating the market could be
overstretched. Still, the Dow was on track to notch its ninth
straight week of gains, and the S&P ended at a new 29-month
high on Thursday.
                                
 "Because we've been up so much, the market is vulnerable
and the GDP number could be the thing that causes it to tip,"
said James Dailey, portfolio manager of TEAM Asset Strategy
Fund in Harrisburg, Pennsylvania.
                                
 Ford Motor Co <F.N> tumbled 6.3 percent to $17.60 in
premarket trading as it reported a steep drop in its quarterly
profit after a charge for debt payments. Rival automaker
General Motors Co <GM.N> lost 2.1 percent to $37.84 before the
bell. [ID:nN28244684]
                                
 "Ford results were pretty ugly," Dailey said, adding that
the stock had been adopted by momentum players. Ford shares
have risen almost 12 percent from the start of January to the
Thursday close.
                                
 "When that happens you need to have the company beat in the
quarter and raise its outlook in order to keep moving higher.
When that doesn't happen, the stock gets pummeled."
                                
 S&P 500 futures <SPc1> fell 0.5 point and 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 <DJc1> rose 4
points, and Nasdaq 100 futures <NDc1> rose 2.75 points.
                                
 Strong corporate results have contributed to the market's
recent gains, with the S&P up 2 percent since the start of the
season. Dow component Chevron Corp <CVX.N> is on tap to report
later in the morning.
                                
 Late Thursday, Dow component Microsoft Corp <MSFT.O> posted
a small dip in quarterly profit, rekindling fears that the
popularity of mobile gadgets could erode its main PC-focused
business. Still, the stock dipped 0.3 percent to $28.77 before
the bell. [ID:nN27267295]
                                
 Sara Lee Corp <SLE.N> said it plans to split into two
separate companies. The stock rose nearly 1 percent to $17.80
in premarket trading. [ID:nN28290310]
                                
 Amazon.com Inc's <AMZN.O> revenues missed expectations late
Thursday. Shares of the online retailer fell 7.6 percent to
$170.49 in premarket trading. [ID:nN27148561]
  (Editing by Jeffrey Benkoe)