Stocks: Apple to drag market down

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NEW YORK (CNNMoney)

After the closing bell Wednesday, Apple (AAPL, Fortune 500) said it earned $13.1 billion in the quarter, the second highest profit ever earned by a U.S. corporation. But shares of Apple were down more than 7% in premarket trading Thursday, as worries about demand for the iPhone continue to dog the widely-held stock.

The Nasdaq was set to open more than 1% lower, with Apple leading the retreat, according to the futures market. Dow and S&P 500 futures were little changed.

Investors feeling extremely greedy

Meanwhile, corporate earnings season continues. Results due in the morning from firms including 3M (MMM, Fortune 500), Nokia (NOK) and Xerox (XRX, Fortune 500). Microsoft (MSFT, Fortune 500), AT&T (JZJ) and Starbucks (SBUX, Fortune 500) are up after the bell.

Shares of Netflix (NFLX) soared more than 30% in premarket trading, after the online-video-rental company surprised investors by reporting a fourth-quarter profit late Wednesday.

Overall, S&P 500 companies are expected to report earnings growth of 3.8% for the last three months of 2012, according to S&P Capital IQ.

U.S. stocks finished higher Wednesday, with the S&P 500 and the Dow hit new 5-year highs.

In economic news, the government will release its weekly data on initial jobless claims at 8:30 a.m. ET Thursday. Also on tap, the Conference Board's index of leading economic indicators is expected to show improvement in December, after falling in November, according to economists surveyed by Breifing.com.

Related: Jobs recovery favors high educated workers

Asian stocks ended mixed after China's manufacturing sector showed more signs of improvement this month, with a preliminary reading of purchasing managers' sentiment rising to the highest level in two years.

Stocks in Hong Kong and Shanghai ended lower, but the Nikkei (N225) rallied 1.3%. Japanese stocks have been supported by the Bank of Japan's recent efforts to stimulate the economy.

European markets were mostly higher, with shares in FTSE 100 (UKX) gaining about 0.3% in morning trading.

First Published: January 24, 2013: 6:15 AM ET

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