Stock index futures edged lower on Wednesday after the S&P 500 tallied its biggest gain in a month and ahead of another round of corporate earnings.

The benchmark S&P recorded its biggest percentage gain since March 13 Tuesday after Coca-Cola Co led a round of solid earnings reports and after concerns eased over the euro zone debt crisis.

According to Thomson Reuters data, 22 S&P 500 companies were expected to report results on Wednesday. Including American Express Co , Qualcomm Inc and eBay Inc .

Of the 39 S&P 500 companies reporting earnings before Tuesday's opening bell, 74.4 percent beat estimates.

International Business Machines Corp shed 2.1 percent to $203.01 in premarket trade after reporting quarterly profit late Tuesday that beat expectations but revenue fell slightly short of estimates.

Intel Corp fell 2.6 percent to $27.72 in light premarket trade after the chipmaker said late Tuesday sales would accelerate in the second half of the year, but the costs of upgrading the factories where the chips are made were temporarily hurting margins.

S&P 500 futures fell 3.8 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 lost 33 points, and Nasdaq 100 futures declined 7.25 points.

BlackRock Inc , the world's largest asset manager, said first-quarter profits were steady, bolstered by strong inflows into its popular iShares exchange-traded funds.

Diversified manufacturer Textron Inc quadrupled its quarterly profit, helped by a strong recovery in demand for business aircraft and helicopters.

Nestle SA , the world's biggest food group, is near a deal to buy Pfizer Inc's

infant nutrition business for up to $10 billion to boost its China business and extend its lead in the baby formula milk sector, sources said.

SXC Health Solutions Corp will buy pharmacy benefit manager Catalyst Health Solutions Inc for about $4.4 billion.

Berkshire Hathaway Inc Chief Executive Warren Buffett said he has stage 1 prostate cancer but his condition is not remotely life-threatening or even debilitating in any meaningful way.

European shares drifted lower as losses in utilities outweighed strength in miners. <.EU>

Asian shares rose as firm demand at a Spanish debt sale and positive corporate earnings boosted investor confidence in riskier assets.

(Reporting By Chuck Mikolajczak; editing by Jeffrey Benkoe)

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