* Recession worries eclipse Coca-Cola, Intel results
* Retail sales, PPI reports on tap
(Recasts first paragraph, adds data and Bernanke speech,
details, byline, updates prices)
By Ellis Mnyandu
NEW YORK, Oct 15 (Reuters) - U.S. stock index futures fell
on Wednesday as investors worried that efforts to ease the
credit crisis would not avert a recession, overshadowing solid
profits from Coca-Cola Co <KO.N>, a bellwether for consumer
spending.
Investors were cautious before a deluge of economic
reports, including September retail sales, and a speech by
Federal Reserve Chairman Ben Bernanke.
A report on September retail sales is due at 8:30 a.m.,
(1230 GMT), along with a report on the Producer Price Index, an
inflation gauge, for September. The Fed will release a
manufacturing survey for New York state for October.
Ben Bernanke is scheduled to speak to the Economic Club of
New York at 12:15 p.m. (1615 GMT).
The Fed's Beige Book, which provides a snapshot of business
conditions around the country, is due at 2 p.m. (1800 GMT).
Investors fear the data and company outlooks might point to
a worsening economic picture and recession fears will derail an
attempted recovery by stocks for a second straight day.
"The path of least resistance in this market is down," said
Arthur Hogan, chief market analyst at Jefferies & Co in
Boston.
"I think people are realizing there are interesting tools
being put in place to deal with the credit crisis, but there's
going to be a lag time to get them to work."
Hogan said most companies will have to lower their profit
estimates for 2009.
S&P 500 futures <SPc1> dropped 14 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 <DJc1> dropped
124 points, and Nasdaq 100 <NDc1> shed 9 points.
Only two days ago the market soared and the Dow had its
biggest one-day point gain ever.
Shares of technology bellwether Intel Corp <INTC.O> jumped 4 percent before the bell. For details, see []
But the company's chief financial officer said on Tuesday
that even though his company had stronger-than-anticipated
profit, he is cautious in light of the turbulent financial
environment. [].
Coca-Cola's shares were up nearly 5 percent before the bell
after the world's largest soft-drinks maker posted a
third-quarter profit above Wall Street's forecasts.
U.S. stocks fell on Tuesday on fears the global economy may
not escape a recession. Shares of technology and consumer
companies were battered, eclipsing a government rescue plan for
banks.
(Editing by Kenneth Barry)
