Oct. 22 (Bloomberg) -- U.S. stock-index futures fell as companies from Wachovia Corp. to Boeing Co. posted third-quarter results that trailed analysts' estimates, while oil's retreat dragged down energy producers.

Wachovia Corp., the lender being acquired by Wells Fargo & Co., slid 3.6 percent after posting a $23.9 billion loss stemming from bad mortgages and the housing slump. Boeing Co. retreated on a 38 percent decline in earnings as a labor strike halted airplane deliveries. Exxon Mobil Corp., the world's biggest oil company, lost 3 percent as crude dropped for a second day.

``We don't have visibility, so there will be a lot of volatility,'' said Guillaume Duchesne, a Geneva-based equity strategist at Fortis Private Banking, which oversees $117 billion. ``There are worries about global growth. Analysts and companies are uncertain and companies prefer caution, saying the context has degenerated.''

S&P 500 Index futures expiring in December slipped 28.9, or 3 percent, to 930.4 as of 8:29 a.m. in New York. Dow Jones Industrial Average futures slid 219, or 2.4 percent, to 8,816.

Nasdaq 100 Index futures lost 21, or 1.6 percent, to 1,272.5, after Samsung Electronics Co. scrapped its bid for SanDisk Corp. Nasdaq 100 futures earlier climbed 2.4 percent after Apple Inc. said soaring iPhone sales lifted profit.

Futures indicated the market will decline for a second day after companies from Texas Instruments Inc. to Freeport-McMoRan Copper & Gold Inc. yesterday posted profit and revenue that failed to meet analysts' estimates. At least 139 S&P 500 companies are scheduled to report third-quarter earnings this week.

Rebound Halted

Yesterday's drop halted a rebound in the S&P 500 from an almost 5 1/2-year low on Oct. 10. The benchmark index for U.S. equities climbed 9.6 percent from that date through Oct. 20 as money-market interest rates declined and Federal Reserve Chairman Ben S. Bernanke endorsed another economic-stimulus package.

Futures declined even as money-market rates extended their retreat. The three-month London interbank offered rate for dollars dropped for an eighth straight day to 3.54 percent. The dollar climbed to an almost two-year high against a basket of six major currencies on speculation slowing global growth will lead other countries to follow the U.S. in lowering interest rates.

Wachovia, Yahoo

Wachovia posted a third-quarter adjusted loss of $2.23 a share compared with an estimate for a loss of 2 cents a share in a survey of analysts. The stock slid 3.6 percent to $5.87.

Boeing, the second-largest maker of commercial airplanes, reported a 38 percent decline in earnings after a strike by machinists shuttered factories and halted deliveries. Net income decreased to $695 million, or 96 cents a share. Analysts had estimated earnings of $1.01 a share. The shares slipped 36 cents to $46.04 in Germany.

SanDisk tumbled 21 percent to $11.60. South Korea's Samsung withdrew its $26-a-share offer for the world's largest maker of memory cards used in digital cameras, saying losses at the U.S. company may worsen as a glut forces chipmakers to cut prices.

AT&T Inc., the largest U.S. phone company, slipped 45 cents to $25.28. The company posted a 5.5 percent gain in third- quarter profit after winning wireless subscribers with Apple's iPhone.

Earnings Watch

Philip Morris International Inc. reported third-quarter earnings per share excluding extraordinary items of 93 cents. That's higher than the estimate of 89 cents in a survey of analysts. The company reaffirmed its forecast. The stock added 94 cents to $43.12.

Merck & Co., the third-largest U.S. drugmaker, slipped 47 cents to $29.50 after saying third-quarter profit fell 28 percent as doctors shunned its cholesterol pills and the Gardasil cancer vaccine. Profit excluding one-time items beat by a penny the 79-cent average estimate of a dozen analysts surveyed by Bloomberg.

Coventry Health Care Inc. slumped 32 percent to $19.26. The health insurer said third-quarter profit fell to 58 cents a share. That's half the average analyst estimate of $1.06, according to a Bloomberg survey.

Profits retreated 31 percent on average for the 136 companies in the S&P 500 that released results so far, according to data compiled by Bloomberg. The group has trailed analysts' earnings estimates by an average of 3.4 percent.

Wall Street analysts forecast an 11 percent drop in third- quarter earnings in a Bloomberg survey. That would mark the fifth straight quarter of declining profits.

Travelers Cos., the second-biggest U.S. business insurer, lowered its full-year earnings forecast after profit fell 82 percent on costs tied to Hurricanes Ike and Gustav and investment losses. The stock was unchanged at $36.33.

Energy Slump

Exxon lost 3 percent to $69.38. ConocoPhillips, which is scheduled to release earnings today, slipped 3.6 percent to $52.02 in Germany. Crude oil fell for a second day in New York as weakening fuel demand outweighed prospects of a production cut by OPEC at a meeting this week. The contract for December delivery lost as much as 4.5 percent to $68.90 a barrel on the New York Mercantile Exchange.

Apple surged 7.9 percent to $98.70. The company reached a goal of selling 10 million iPhones three months ahead of schedule after customers snapped up 6.89 million last quarter, topping analysts' predictions.

Yahoo! Inc. rose 4.1 percent to $12.57. The Internet company that rejected a takeover offer from Microsoft Corp. said it plans to cut at least 10 percent of its staff after advertising spending slowed.

VMware Inc. rallied 19 percent to $22.34. The biggest maker of programs that let computers run multiple operating systems earned 24 cents a share in the third quarter, excluding some items. That topped the average estimate in a Bloomberg survey by 18 percent. EMC Corp., the majority owner of VMware, climbed 6.3 to $10.30.

McDonald's Corp. rose 2.1 percent to $56.30. The world's largest restaurant company reported third-quarter profit that exceeded analyst estimates, after it grabbed U.S. sales from more-expensive eateries as consumer spending slowed.

To contact the reporter on this story: Adria Cimino in Paris at acimino1@bloomberg.net.

Last Updated: October 22, 2008 08:32 EDT