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Jan. 31 Premarket Briefing: 10 Things You Should Know (Update 1)

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Here are 10 things you should know for Friday, Jan. 31:  

1.-- U.S. stock futures were trading lower on Friday amid disappointing corporate earnings news.

European stocks were falling. Most Asian markets were closed for the Lunar New Year holidays. Japan's Nikkei 225 index closed down 0.6% on Friday.

2.-- U.S. consumer spending rose 0.4% in December. The  economic calendar  in the U.S. Friday also includes Chicago PMI for January at 9:45 a.m. EST and the final University of Michigan Consumer Sentiment Index for January at 9:55 a.m.

3.-- U.S. stocks  on Thursday rose amid signs of ongoing  economic growth  and a spate of solid corporate earnings.

The S&P 500 jumped 1.13% to close at 1,794.19, while  the Dow Jones Industrial Average gained 0.7% to  15,848.61. The Nasdaq gained 1.77% to 4,123.13.

4.-- Microsoft's  board is preparing to name the company's cloud chief  Satya Nadella  as CEO, according to  Bloomberg.

Citing people briefed on the process,  Bloomberg reported the software maker's board is also discussing replacing Bill Gates as chairman. The board is considering Microsoft's lead independent director John Thompson as his replacement, according to the people, who said that Gates may still play an active role at Microsoft.

Microsoft shares rose 0.6% in premarket trading to $37.09.

5.--  shares were falling Friday after the online retailer's fourth-quarter earnings and revenue missed Wall Street estimates.

Amazon said on a conference call that it was considering raising the price for its two-day shipping service, Amazon Prime. 

Earnings in the fourth quarter were $239 million, or 51 cents a  share, up from profit of $97 million, or 21 cents a share, a year earlier. Analysts were calling for earnings of 66 cents a share.

Amazon said it expects first-quarter revenue of between $18.2 billion and $19.9 billion, or an increase of between 13% and 24% from the first quarter of 2013.

Amazon shares fell 8.9% in early trading Friday to $367.

6.-- Google's  fourth-quarter results were mixed when compared to  Wall Street  expectations.

The stock rose 3.6% to $1,176 in premarket trading.

Mountain View, Calif.-based Google earned on a non-GAAP basis $12.01 a  share in the fourth quarter on revenue of  $13.55 billion, excluding traffic acquisition costs. Analysts expected the Internet search giant to earn $12.21 a share on sales of $13.41 billion, excluding TAC.

Google also said it is  splitting its stock  into Class A and Class C shares, following board approval. The stock split is scheduled to take place on April 2.

7.-- Analysts expect oil major  Chevron to report fourth-quarter earnings on Friday of $2.57 a share on revenue of $64.93 billion. Rival Exxon Mobil reported Thursday that quarterly profit fell 16% as oil and gas production declined 1.8%.