* P&G, AT&T fall after results, Caterpillar rallies
* S&P cuts long-term debt rating on Japan
* Jobless claims, durable goods data on tap
* Futures up: Dow 22 pts, S&P 1.5 pts, Nasdaq 5 pts
* For up-to-the-minute market news see []
(Adds Caterpillar earnings, quote)
By Ryan Vlastelica
NEW YORK, Jan 27 (Reuters) - U.S. stock index futures were
slightly higher on Thursday, a day after the S&P 500 closed at
a 29-month high as several bellwether companies reported strong
results.
Three Dow components posted quarterly results early
Thursday, including Procter & Gamble Co <PG.N>, AT&T Inc <T.N>
and Caterpillar Inc <CAT.N>.
Heavy machinery maker Caterpillar climbed 2.6 percent to
$98.27 before the bell after its profit topped consensus
expectations. For details, see []
Profits at AT&T and P&G also beat estimates, but fell from
a year ago. AT&T's wireless subscriber growth was below the
consensus view. [] and []
AT&T fell 2.9 percent to $27.91 premarket, while P&G lost
2.8 percent to $64.24.
"The results from these major companies look pretty good,
and that gives us a clue as to what we can expect in the first
half of 2011," said Kim Caughey Forrest, senior equity research
analyst at Fort Pitt Capital Group in Pittsburgh.
Overseas, ratings agency Standard & Poor's cut Japan's
long-term debt rating by one notch to AA minus, saying the
government lacked a coherent plan to tackle its mounting debt.
[]
"A lot of people didn't believe that a country with as big
an export base as Japan could be downgraded, and this is
complicating the whole story line of how we should handle our
own debt situation," Caughey Forrest said.
S&P 500 futures <SPc1> rose 1.5 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 <DJc1> added 22
points, and Nasdaq 100 futures <NDc1> rose 5 point.
Initial jobless claims are seen rising to 405,000 in the
latest week, an increase of 1,000 from the previous week. Data
on December durable goods, which are seen rising, is also
expected. December pending home sales data will come later in
the morning.
A pair of Nasdaq stalwarts will report results after the
bell. Microsoft Corp <MSFT.O> is seen posting a dip in profit,
while Amazon.com Inc <AMZN.O> is expected to report impressive
fourth-quarter sales. [] and []
On Wednesday, gains in technology and commodity shares
helped lift markets as investors largely ignored the U.S.
Federal Reserve's lukewarm assessment of the economy. The Dow
hit the 12,000 level for the first time since June 2008, though
it later fell below that level.
(Editing by Jeffrey Benkoe)
