BP Share News (BP.)

By Steve Goldstein U.S. stock futures fell into negative territory Friday as relief over Goldman Sachs liabilities was met by disappointing revenue reports from banking giants Citigroup and Bank of America as well as concerns over the profit growth at Internet bellwether Google. Reversing a mild advance, futures on the Dow Jones Industrial Average fell 24 points. S&P 500 futures fell 1.4 points to 1089 and the Nasdaq 100 futures slipped a half point to 1848.70. Markets moved into the red as bank results weren't warmly greeted. Bank of America Corp. (BAC) and Citigroup Inc. (C) each topped earnings estimates but revenue disappointed. Bank of America fell 4% and Citi slipped 1.7%. Major U.S. stock indexes finished Thursday with little movement, as a raft of sour economic data as well as mixed interpretations of J.P. Morgan Chase & Co.'s (JPM) earnings were met by reports--proved accurate after the markets closed--that Goldman Sachs Group Inc. (GS) settled allegations of fraud brought by the Securities and Exchange Commission. BP PLC (BP, BP.LN) also jumped after stemming the oil flowing from the Gulf of Mexico, though the oil giant still hasn't permanently sealed the well. Goldman Sachs agreed to pay $550 million to settle the suit, prompting Bank of America Merrill Lynch analysts to upgrade its rival to buy. The broker also lifted its price target for the stock to $182 from $160, saying the probability of other significant legal issues arising from the mortgage debacle is very low. "Specifically, we believe that the settlement of this case significantly reduces the probability of any criminal charges by the Department of Justice," the broker said. Goldman Sachs rose nearly 5% in early premarket trade. But Google Inc. (GOOG) fell 4% as the online search giant reported a smaller-than-forecast 24% rise in second-quarter profit. The company itself was optimistic. General Electric Co. (GE) shares wavered between gains and losses in premarket action. GE reported a 16% profit rise as its finance arm recovered. The economic calendar features June consumer prices and May Treasury inflows, and shortly after the open, the University of Michigan's preliminary consumer confidence gauge for July. The euro hit a two-month high against the dollar, reaching $1.30, as the Japanese yen also rose. Asian equities were hit hard, with the Nikkei 225 slammed 2.9% in Tokyo. -By Steve Goldstein; 44 2078 429 424; AskNewswires@dowjones.com (END) Dow Jones Newswires July 16, 2010 08:20 ET (12:20 GMT)