Stock futures dip before Obama speech, Coca-Cola shares off

NEW YORK (Reuters) - Stocks were set to open little changed on Tuesday, hovering near multi-year highs as traders awaited President Barack Obama's State of the Union address.

The economy will be one of the main topics of Obama's speech at 9 p.m. (0200 GMT Wednesday). Investors will listen for any clues on a deal with Republicans in Congress to avert automatic spending cuts due to take effect March 1.

"Things are really quiet, waiting to see what the marching orders are for the next four years," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.

Equities were mostly flat on Monday but the trend for the S&P 500 has been upward during six straight weeks of gains. The index has risen 6.4 percent so far this year.

S&P 500 futures added 0.4 point and were slightly 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 added 18 points and Nasdaq 100 futures fell 1 point.

Coca-Cola Co shares dipped 0.5 percent to $38.42 in premarket trading after the world's largest soft drink maker reported quarterly earnings that were slightly better than expected as strength in emerging markets offset a decline in European business.

Avon Products shares jumped 6.8 percent in premarket trading after the beauty products company reported a better-than-expected quarterly profit.

Goodyear Tire & Rubber shares fell 4.5 percent in premarket trading after it posted a stronger-than-expected quarterly profit but cut its 2013 forecast due to weakness in the European automotive market.

Michael Kors Holdings shares soared 11.8 percent before the open after the fashion company handily beat Wall Street's estimates and raised its full-year outlook.

On Monday, the Dow Jones industrial average <.dji> fell 21.81 points, or 0.16 percent, to 13,971.16. The S&P 500 <.spx> dipped 0.92 points, or 0.06 percent, to 1,517.01 and the Nasdaq Composite <.ixic> edged down 1.87 points, or 0.06 percent, to 3,192.00.

(Reporting by Rodrigo Campos; Editing by Chizu Nomiyama and Kenneth Barry)

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