9:15 AM New York – U.S. stock index futures trade lower after a large loss at Wachovia Bank, surprise drop in earnings at American Express and 31% rise in earnings at Apple Inc.

Apple Inc personal computer and communication devices maker said third quarter revenues rose 38% to $7.46 billion from $5.41 billion a year ago. Net income in the quarter rose 31% to $1.07 billion or $1.19 per diluted share compared to net income of $818 million or 92 cents per share, a year ago.

Apple Inc (AAPL) in the last one year traded as high as $202.96 in December 2007 and as low as $111.62 in February 2008. Based on the yesterday’s closing price the company has a market cap of $146.78 billion.

American Express Company, the credit card lender said second quarter revenues rose 8% to $7.48 billion from $6.93 billion a year ago. Net income in the quarter declined 38% to $653 million or 56 cents per diluted share compared to net income of $1.06 billion or 88 cents per share, a year ago.

American Express Company (AXP) in the last one year traded as high as $65.89 in July 2007 and as low as $35.55 in July 2008. Based on the yesterday’s closing price the company has a market cap of $47.38 billion.

Canadian National Railway Company a rail road operator said second quarter revenues increased 4% to C$2,098 million from C$2,027 million a year ago. Net income in the quarter declined 11% to $459 million or 95 cents per diluted share compared to net income of $516 million or $1.01 per share, a year ago.

Canadian National Railway Company (CNI) in the last one year traded as high as $58.50 in July 2007 and as low as $41.89 in January 2008. Based on the yesterday’s closing price the company has a market cap of $24.39 billion.

United Parcel Service, Inc, one of the largest package delivery companies reported second quarter revenues rose 6.7% to $13 billion from $12.2 billion a year ago. Net income in the quarter declined 20.9% to $873 million or 85 cents per diluted share compared to net income of $1.1 billion or $1.04 per share, a year ago.

United Parcel Service, Inc (UPS) in the last one year traded as high as $78.99 in August 2008 and as low as $56.10 in July 2008. Based on the yesterday’s closing price the company has a market cap of $60.70 billion.

Wachovia Corporation, the nation's fourth-largest bank reported second quarter net loss in the quarter was $8.9 billion or $4.20 per diluted share compared to net income of $2.34 billion or $1.22 per share, a year ago. The troubled bank also cut its quarterly dividend to 5 cents per share from 37.5 cents and cut as many as 6,350 jobs. At the end of the quarter Tier 1 capital ratio rose to 8% from 7.42%.

Wachovia Corporation (WB) in the last one year traded as high as $53.10 in September 2007 and as low as $7.80 in July 2008. Based on the yesterday’s closing price the company has a market cap of $28.18 billion.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 381.26 or 2.98% to 13,184.96, Hang Seng index in Hong Kong decreased 5.42 or 0.02% closed to 22,527.48. ASX 200 index in Australia decreased 6.20 or 0.12% to close 5,005.60. The KL Composite index in Malaysia increased 6.09 or 0.55% closed to 1,109.57.

The Kospi Index in South Korea decreased 1.69 or 0.11% to close at 1,561.23, SET index in Thailand closed lower 5.15 or 0.75% to 682.15 and JSE Index in Indonesia increased 17.69 or 0.81% to 2,212.75. The Sensex index in India increased 254.16 or 1.84% to 14,104.20.