Before the bell: Stocks futures lower ahead of BSC, GS earnings, Bernanke testimony

NBC, a division of General Electric (NYSE: GE), announced late yesterday that it would offer free downloads of its popular TV shows to computers running Microsoft (NASDAQ: MSFT) Windows OS. TV commercials will remain in the shows and cannot be skipped. This would directly compete with Apple Inc's (NASDAQ: AAPL) iTunes digital download store. AAPL shares are down 1.26% in premarket trading (7:07 a.m.).
Also, the Wall Street Journal, tested Apple's new iPod Touch and found it to have "beauty and functionality," but also short in claimed battery-life.

The United Auto Workers union and General Motors (NYSE: GM) have talked about creating a multibillion-dollar union-controlled trust fund that would be responsibile for retiree health-care obligations. This would affect Ford Motor Co. (NYSE: F) and Chrysler as well. GM shares are down 1.4% in premarket trading (7:21 a.m.).

In what will undoubtedly affect Wal-Mart (NYSE: WMT), he world's largest retail trade group, National Retail Federation, predicted that holiday sales are expected to grow at the slowest pace in five years, estimating they will be up 4% for the combined November and December period, the slowest growth since a 1.3% rise in 2002. Last year, holiday sales rose 4.6% and has averaged 4.8% over the last decade.

Several companies are reporting earnings today:
Circuit City Stores Inc. (NYSE: CC) is expected to report a loss of 12 cents a share for the second quarter.
ConAgra Inc.'s (NYSE: CAG) is expected to report earnings of 29 cents a share in the first quarter. Actual results.
Nike Inc. (NYSE: NKE) is expected to report earnings of 87 cents a share for fiscal first-quarter.
Oracle Corp. (NASDAQ: ORCL) is expected to report earnings of 21 cents a share for fiscal first-quarter.

Federal Express (NYSE: FDX) shares are down 3.26% in premarket trading (7:56 a.m.) after the company reported earnings rose 4% in the first quarter of its 2008 fiscal year, beating Wall Street's expectations on strong international growth. However, the company lowered its outlook for the full year, blaming economic uncertainty.

Notable calls this morning:

• General Mills (NYSE: GIS) was upgraded by Credit Suisse to Ouperform from Neutral and the target price upped to $65 from $59.
• Nokia (NYSE: NOK) and Motorola (NYSE: MOT) were both upgraded by Cowen to Outperform from Neutral. Shares are up half a percent and over 1% in premarket action.
  

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