Stocks struggled for direction at the open Wednesday, following a weaker-than-expected durable goods orders report and as Apple shares weighed.

U.S. stock index futures signaled a higher open on Wednesday, following a rally in European shares sparked by a strong bond auction in Italy and hopes of an ECB rate cut.

Ericsson (NASDAQ: ERIC) reported a drop in its first-quarter earnings.

Ericsson's gross margin declined to 32% in the quarter versus 33.3%.

Ericsson's quarterly net profit fell to 1.21 billion Swedish kronor ($181 million), from SEK8.95 billion, in the year-ago period. However, analysts were expecting a net profit of SEK1.80 billion.

Its

European shares are expected to open mixed on Wednesday ahead of the release of German business sentiment data that could deepen concerns that Europe's largest economy is in decline.

Earnings season is well and truly underway, but weakness from Europe has spoilt the party on both sides of the pond by blunting revenue growth and challenging the recent "risk-on" rally.

Apple briefly got some of its shine back, after the company delivered a package of capital programs that shareholders have been clamoring for.

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Wall Street ratings agencies set the tone for today's stock market.

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Ericsson (NASDAQ: ERIC) shares dropped 1.4% to $11.59 after Societe Generale downgraded the stock from “hold” to “sell.” Share volume was 1.1 million, compared to an all-day average of 5.1 million

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Ericsson (NASDAQ: ERIC) moved up 0.7% to $12.23. Ericsson has announced the acquisition of Microsoft's Mediaroom business. Share volume was 1.2 million, compared to an all-day average of 5.4 million

Ericsson (NASDAQ: ERIC) shares eked up 0.3% to $12.14, after reaching an agreement with Microsoft to acquire its TV solution Mediaroom business. This will make Ericsson the leading provider of IPTV and multi-screen solutions with a market share of over 25%. Closing expected during the second half of 2013. Mediaroom is situated in Mountain View, California and employs more than 400 people worldwide. Share volume was 2.1 million, compared to an all-day average of 5.5 million

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