Futures flat after Citigroup, GE results

* General Electric Co reported a 36 percent drop in quarterly profit, as a global recession pounded its hefty finance arm, but the company said the order backlog at its industrial arm remained stable.

* CITIGROUP (C.NY)reported a quarterly per share loss on revenues of $24.8 billion in the first quarter.

* S&P 500 futures fell 0.4 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 12 points, and Nasdaq 100 futures lost 5.50 points.

* Shares of Google rose 5 percent to $408.00 in electronic trading after the market closed on Thursday after the Internet company reported quarterly results that beat estimates.

* A bankrupt General Motors Corp could be reorganized in as little as a month, a top bankruptcy attorney said on Thursday, and if the case lingered then a "tremendous sinkhole" could open in the U.S. economy, a Delaware bankruptcy judge said.

* General Motors CEO Fritz Henderson will update the media on the company's restructuring progress.

* The Reuters/University of Michigan April survey of consumer sentiment, due at 9.55 a.m., is expected to have risen for a second consecutive month to 58.5 from March's 57.3.

* U.S. stocks surged on Thursday as expectations of reassuring results from bellwethers, including Google, lifted technology shares, while JPMorgan's better-than-expected profit added to bank stabilization hopes.

(Reporting by Edward Krudy; Editing by Theodore d'Afflisio)

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