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Apple, Amazon earnings misses could rattle market

Apple posts a rare miss on earnings but beats analysts' earnings expectations. Amazon disappoints on both counts, which could sour the market's mood.

By Patti Domm , CNBC Executive News Editor

Earnings disappointments from听础尘补锄辞苍听补苍诲听础辫辫濒别听could make for a sour start for stocks Friday.

鈥淥f the two names tomorrow, I鈥檇 bet 础尘补锄辞苍听gets more beat up than 础辫辫濒别听does,鈥 said Art Hogan of听Lazard Capital Partners. 鈥淪hould it? Yes. You have a miss on earnings and revenues and guidance is slightly lowered. Apple, on the other hand, beat on the revenues and I think the guidance is reasonable.鈥

听Hogan said the Apple miss may present a buying opportunity. 鈥淭he stalwarts of the market since the market ran up in June were听骋辞辞驳濒别听and Apple, and both of them were taken to the woodshed already,鈥 he said. Apple stock was down nearly 9 percent this month, ahead of its earnings announcement.

Apple鈥檚 stock has a big impact on the S&P 500. Its stock bobbed in after-hours trading briefly down to $585, its first move below $600 since July. It then rebounded, trading in the low 600s. The S&P futures were initially lower but turned slightly higher. Amazon shares slumped more than 1 percent after the bell, after a 2.4 percent decline during the regular trading day Thursday.

听Amazon reported a loss of $274 million, or 60 cents per share, compared with a profit of $63 million or 14 cents per share a year earlier. Excluding special items, Amazon reported a loss of 23 cents a share. Amazon spent heavily to expand existing operations and develop new business, but it also forecast revenues of $20.25 billion to $20.75 billion, below the $22.79 billion analysts were expecting for the fourth quarter.

听Apple reported earnings of $8.67, below the $8.75 per share expected by analysts. Its revenues however were better than expected at $35.97 billion.

听Friday鈥檚 markets will also be impacted by听third-quarter GDP, to be reported at 8:30 a.m. ET. Consumer sentiment is reported at 9:55 a.m.

听There are also earnings formMerck,听Comcast,听Goodyear,听Weyerhaeuser听补苍诲听惭辞辞诲测鈥檚.