U.S. stock index futures up; Microsoft, Amazon eyed

* U.S. stock index futures pointed to a higher open on Wall
Street on Friday, adding to the previous session’s strong rally,
with futures for the S&P 500 (SPc1: ) up 0.57 percent, Dow Jones
(DJc1: ) futures up 0.48 percent and Nasdaq 100 (NDc1: ) futures up
0.59 percent.

* Microsoft Corp (MSFT.O: ) will be in focus after it easily
beat Wall Street forecasts with a 48 percent rise in quarterly
profit, but its shares barely moved in the absence of powerful
new signs of a rebound in global tech spending. [ID:nN21206486]

* Shares of Microsoft traded in Frankfurt (MSFT.F: ) were down
0.3 percent.

* Amazon.com Inc’s (AMZN.O: ) quarterly profit fell far short
of Wall Street estimates, hurt by a 40 percent jump in expenses
and by price cuts on its Kindle electronic reader, sending its
shares down 14 percent in extended trading.

* Shares of Amazon.com traded in Frankfurt (AMZN.F: ) were
down 9.5 percent.

* Companies expected to report earnings on Friday include
Honeywell International Inc (HON.N: ), Ingersoll-Rand Plc (IR.N: )
and Verizon Communications Inc (VZ.N: ), while economic indicators
on tap for Friday include the Economic Cycle Research
Institute’s weekly leading index at 1430 GMT.

* The market’s main focus will be on the results from
Europe’s banking stress tests due at 1600 GMT. In an effort to
ease investors’ fears over the potential impact of the euro zone
debt crisis on Europe’s banking system, regulators are assessing
how 91 banks across Europe would cope with another economic
downturn. [ID:nLDE66L1XU]

* Ahead of the results due after Europe’s closing bell,
European stocks were up 0.4 percent in morning trade, adding to
a strong two-day rally, with the STOXX banking index (.SX7P: )
poised to record a 5 percent gain on the week.

* “At this point, the market seems to have priced in the
tests, as investors believe Europe won’t shoot itself in the
foot by revealing very negative surprises … But there won’t be
euphoria after the results because we know they won’t completely
reassure the market,” said Christian Parisot, chief economist at
Aurel BGC.

* Japan’s Nikkei rose 2.3 percent to snap a five-day losing
streak as worries about the results of European bank stress
tests eased and after robust U.S. corporate earnings.

* Shares of flash memory producer SanDisk Corp (SNDK.O: ) fell
7.2 percent to $40.00 in extended trading on Thursday after the
company released its quarterly results.

* Earnings from economic bellwethers 3M (MMM.N: ), UPS (UPS.N: )
and Caterpillar (CAT.N: ) propelled U.S. stocks (Read more about the stock market today. ) higher on Thursday
as investors shed some of their fears about the strength of the
recovery.

* The Dow Jones industrial average (.DJI: ) gained 201.77
points, or 1.99 percent, to 10,322.30. The Standard & Poor’s 500
(.SPX: ) added 24.08 points, or 2.25 percent, to 1,093.67. The
Nasdaq Composite (.IXIC: ) rose 58.56 points, or 2.68 percent, to
2,245.89.

Investing

(Reporting by Blaise Robinson; Editing by Michael Shields)

U.S. stock index futures up; Microsoft, Amazon eyed