By Maud van Gaal Oct. 21 (Bloomberg) -- U.S. stock futures fell after Boeing Co. posted a wider-than-estimated loss and concern grew that a seven-month rally has left equities too expensive. European stocks slid as results from PSA Peugeot Citroen and Deutsche Bank AG disappointed some investors. Boeing Co., the world’s second-largest commercial-plane builder, slid 1.7 percent after reporting charges of $3.5 billion for delays to its 787 Dreamliner and 747-8 jumbo jets. Ford Motor Co. dropped after Peugeot, Europe’s second-biggest carmaker, posted lower sales. Yahoo! Inc., the owner of the No. 2 U.S. search engine, rose 4 percent as profit beat estimates. “There have been positive earnings surprises but at a certain point expectations were so low, results could only beat them,” said Joost van Leenders, an Amsterdam-based strategist at Fortis Investments. “You see investors are being struck with doubt about the sustainability and strength of the recovery every now and again.” Futures on the S&P 500 expiring in December slipped 0.6 percent to 1,083 at 7:54 a.m. in New York after earlier gaining as much as 0.2 percent. Dow Jones Industrial Average futures lost 0.6 percent to 9,945 and Nasdaq-100 Index futures slid 0.5 percent to 1,749. Europe’s Dow Jones Stoxx 600 Index retreated 0.9 percent. The S&P 500 has rallied 61 percent from a 12-year low in March as the Federal Reserve lent, spent or guaranteed $11.6 trillion to combat the worst U.S. recession since the 1930s. The rebound left it trading at about 20.5 times the reported earnings of its companies, the highest level since 2004. Earnings Season Profit has topped estimates at 79 percent of the S&P 500 companies that have posted third-quarter results, including Google Inc., JPMorgan Chase & Co. and DuPont Co. More than 130 S&P 500 companies are reporting this week, with Morgan Stanley and Wells Fargo & Co. set to announce today. Boeing slipped 1.7 percent to $50.99. The net loss was $1.56 billion, or $2.23 a share, bigger than the $2.10-a-share average estimate of 18 analysts in a survey. Sales rose 9.1 percent to $16.7 billion from the year-earlier quarter, which was hurt by a strike, and compared with an estimate of $17.2 billion. Eli Lilly & Co. rose 1.6 percent to $35.80 in New York after posting earnings that beat analysts’ projections as sales of its depression drug Cymbalta and lung- cancer treatment Alimta increased. Ford, the only major U.S. carmaker to avoid bankruptcy, slid 0.5 percent to $7.67 in Germany after Peugeot said third- quarter revenue fell 7.7 percent. Peugeot tumbled 6.3 percent to 22.65 euros in Paris. Yahoo rose 4 percent to $17.85. Third-quarter profit excluding some expenses was 15 cents a share, beating the average prediction of 13 cents by analysts in a Bloomberg survey. Sales, excluding fees passed on to partner sites, were $1.13 billion, exceeding projections. SanDisk, Geithner SanDisk Corp. soared 8.1 percent to $23.21 in New York. The biggest maker of flash-memory cards used in digital cameras and mobile phones forecast fourth-quarter sales that beat analysts’ estimates as chip prices rebounded. Treasury Secretary Timothy Geithner said the bank capital- purchase program in the $700 billion bailout will be allowed to expire later this year because parts of the economy and markets are stabilizing, Reuters reported, citing an interview. “We are now at the point where we can begin to wind down the programs that really defined TARP in its initial stages,” Reuters quoted Geithner as saying in the interview today, referring to the Troubled Asset Relief Program. The Fed will issue its Beige Book report on regional economies today, which policy makers will use to gauge the state of the housing market and the overall economy when they meet in the first week of November. Deutsche Bank Deutsche Bank helped lead European shares lower, sliding 3.8 percent to 53.25 euros. Germany’s biggest bank reported pretax third-quarter profit of 1.3 billion euros ($1.94 billion). That was less than the 1.53 billion euros forecast by Matthew Clark, a London-based analyst at Keefe Bruyette & Woods Ltd. The number matched forecasts from Morgan Stanley and Bernstein Research while the median estimate of 10 analysts was 1.19 billion euros. JPMorgan last week reported its highest profit since the subprime mortgage market collapsed while earnings at Goldman Sachs Group Inc. surged. That raised expectations for Deutsche Bank, which sidestepped the worst of the financial crisis without government aid, analysts said. “The headline pretax figure wasn’t a blow out,” said Clark, who has an “outperform” rating on the stock. “We need to wait before we can judge the quality.”

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