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* Amazon drops on weak holiday-quarter forecast
* Intel gains after raising revenue forecast
* Verizon up after beating expectations
* Futures down: Dow 0.17%, S&P 500 0.05%, Nasdaq 0.01% (Adds comment, updates market action)
By Arjun Panchadar
Oct 25 (Reuters) – Wall Street was set to open flat on Friday, as a dour sales forecast from Amazon overshadowed a clutch of strong results in what has so far been an upbeat third-quarter earnings season.
Shares of Amazon.com Inc dropped 6.1% in premarket trading after the e-commerce giant forecast revenue and profit for the crucial holiday quarter below estimates, citing fierce competition.
The company is among the few high-profile names to have reported poor results this week. Of the 168 S&P 500 companies that have reported earnings so far, more than 80% beat profit expectations, according to Refinitiv data.
“We’ve had some misses … mostly due to trade war concerns, but overall, it looks like we’re headed for a fairly good earnings season,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
After a rocky start to the month mainly on trade tensions, the benchmark S&P 500 index is set for its best week in six, while the Nasdaq is eyeing its biggest percentage gain in seven weeks.
Chipmaker Intel Corp issued an upbeat forecast, helping lift other chip stocks including Nvidia Corp, Advanced Micro Devices and Micron Technology.
At 8:56 a.m. ET, Dow e-minis were down 45 points, or 0.17%. S&P 500 e-minis were down 1.5 points, or 0.05% and Nasdaq 100 e-minis were down 0.5 points, or 0.01%.
Shares of Dow-component Verizon Communications Inc rose slightly as the U.S. wireless carrier beat analysts’ quarterly estimates for new subscribers who pay a monthly bill.
Investors are also eyeing economic indicators to assess the impact of the trade war on the domestic economy after data earlier this month showed a sharp contraction in U.S. manufacturing and a slowdown in the services sector.
A University of Michigan survey on consumer sentiment is expected at 10:00 a.m. ET.
Among other stocks, apparel maker VF Corp fell 5.1% after reporting lower-than-expected second-quarter revenue, hurt by sluggish demand for its North Face and Vans brands.
Shares of Charter Communications Inc gained 5.7% after the cable operator posted better-than-expected quarterly results as it attracted more customers for its broadband services, offsetting a drop in pay TV subscribers.
The next round of earnings due next week includes Apple Inc , Alphabet Inc, Pfizer Inc and Merck & Co Inc. (Reporting by Arjun Panchadar in Bengaluru Editing by Saumyadeb Chakrabarty and Anil D’Silva)