* GM, Boeing rise after strong results
* Coca-Cola slips on revenue miss
* VMware, Yahoo down on poor results
* Futures up: Dow 65 pts, S&P 8.75 pts, Nasdaq 23.5 pts (Adds details, comment, updates prices)
By Abhiram Nandakumar
Oct 21 (Reuters) - U.S. stocks were set to open higher on Wednesday as investors cheered strong third-quarter results by industry heavyweights General Motors and Boeing.
Shares of General Motors rose 4.5 percent to $35.00 premarket, while Boeing rose 4.2 percent to $142.15.
Coca-Cola fell 1.4 percent to $41.70 after its revenue missed estimates.
“During the course of the third quarter, we actually saw consensus estimates drop for both revenue and earnings,” said Eric Weigand, senior portfolio manager at the Private Client Reserve at U.S. Bank.
“You could make the point that there is a low hurdle for companies to exceed on these diminished expectations.”
Of the S&P 500 companies that have reported results so far, 40 percent have exceeded revenue estimates. About 60 percent typically beat estimates in a quarter, according to Thomson Reuters data.
S&P 500 companies are expected to report a 3.9 percent decline in third-quarter profit and a 3.8 percent fall in revenue.
At 8:21 a.m. ET (1221 GMT), S&P 500 e-minis were up 8.75 points, or 0.43 percent, with 166,285 contracts traded. Nasdaq 100 e-minis were up 23.5 points, or 0.53 percent, on volume of 29,105 contracts. Dow e-minis were up 65 points, or 0.38 percent, with 25,256 contracts changing hands.
American Express and eBay report after the close.
Adding to the upbeat mood on Wednesday were two large acquisitions.
Sandisk jumped 4.6 percent to $78.64 after it agreed to be bought by Western Digital in a $19 billion deal. Western Digital fell 3.8 percent to $72.00.
KLA Tencor jumped 15.7 percent to $62.34 after the semiconductor equipment maker agreed to be bought by Lam Research in a $10.6 billion deal.
Biogen rose 5.7 percent to $281.00 after it said it would cut 11 percent of its workforce.
Chipotle fell 7 percent to $656.15 a day after the burrito chain posted disappointing third-quarter results.
VMware sank 10.9 percent to $61.25 after the virtualization software maker forecast current-quarter revenue below estimates.
Yahoo was down nearly 2 percent at $32.20 after the Internet company’s quarterly earnings and profit missed expectations. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Don Sebastian)