* GE flat; Grainger, Honeywell down after results
* Industrial production data for Sept awaited
* Youku Tudou rises after buyout offer from Alibaba
* Futures: Dow down 14 pts, S&P down 1.3 pts, Nasdaq up 0.8 pts (Adds details, comment, updates prices)
By Abhiram Nandakumar
Oct 16 (Reuters) - U.S. stocks were set to open little changed on Friday as investors digested mixed quarterly results from industrial heavyweights General Electric and Honeywell.
GE's shares were nearly flat at $28.10 premarket after the company posted a higher-than-expected quarterly profit.
Industrial tools maker Grainger fell 5.3 percent to $209.88 after reporting a smaller-than-expected profit. Honeywell fell 1 percent to $97.48 after results.
"Today's earnings are mixed. They don't paint a strong one-directional picture of improvement or deterioration," said Doug Burtnick, senior investment manager at Aberdeen Asset Management.
Burtnick said he expects the day's trading to be mostly muted. "This could, without some other piece of news, be one of those settle-in and not very exciting kind of day."
At 8:55 a.m. ET (1255 GMT), S&P 500 e-minis were down 1.25 points, or 0.06 percent, with 166,184 contracts traded. Nasdaq 100 e-minis were up 0.75 points, or 0.02 percent, on volume of 28,205 contracts. Dow e-minis were down 14 points, or 0.08 percent, with 20,179 contracts changing hands.
Global stocks advanced on Friday, taking cues from Thursday's rally in U.S. stocks triggered by strong results from Citigroup and positive data.
S&P 500 companies are expected to report a 4 percent fall in third-quarter profit, the biggest decline in six years, according to Thomson Reuters data.
The dollar rose after Thursday's data rekindled hopes that the Federal Reserve would raise interest rates this year.
The Fed, which kept rates at near-zero levels at its September meeting, is waiting for signs of stabilizing inflation and sustained economic recovery before it pulls the trigger.
U.S. industrial production in September, due at 9:15 a.m. ET (1315 GMT), is expected to have shrunk 0.2 percent, after falling 0.4 percent in August.
The University of Michigan's preliminary index on consumer sentiment for October, which is forecast to rise to 89 from a final reading of 87.2 in September, is due at 10:00 a.m.
Youku Tudou jumped 22.9 percent to $25.10 after Alibaba offered to buy the video-streaming company for $26.60 per American Depository Share. Alibaba was up 1.1 percent at $72.55.
Wynn Resorts fell 8 percent to $67.88, a day after the casino operator reported third-quarter results below expectations.
Zafgen slumped 33.4 percent to $13.99 after the company said its obesity drug trial been put on partial clinical hold by the U.S. FDA. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Saumyadeb Chakrabarty)