Stock futures up on Oracle; Bear Stearns on tap
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By Jennifer CooganNEW YORK (Reuters) - Stock index futures pointed higher on Thursday after reassuring results and outlook from business software maker Oracle, though nervousness before investment bank Bear Stearns Co Inc's results and key data on U.S. economic growth held the advance in check.Bear's results, expected to show a loss for the quarter, will be closely examined to determine whether the credit crisis will take a further toll on the banking industry.Technology stocks could get a boost after Oracle Corp reported higher-than-expected quarterly revenues. Oracle shares rose 6.9 percent to $22.20 before the opening bell."Bear Stearns is going to be a very big catalyst. They are really one of the ones that started this whole mess with the collapse of their hedge funds over the summer," said Tim Smalls, head of U.S. stock trading at brokerage firm Execution LLC in Greenwich, Connecticut."If you are a portfolio manager, you have to report to your investors. Once the world knows what these numbers are, then they can at least make an educated decision whether to own the stock or not own the stock."S&P 500 futures rose 3.3 points, above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.Dow Jones industrial average futures rose 11 points and Nasdaq 100 futures gained 6.75 points.The Commerce Department's final third-quarter gross domestic product estimate, is set for release at 8:30 a.m. Economists polled by Reuters forecast an annualized growth rate of 4.9 percent.The Commerce Department will also issue final third-quarter corporate profits data and the Labor Department will report on weekly first-time claims for jobless benefits.Also set to report quarterly results before the opening bell is FedEx Corp . The parcel delivery services' earnings are viewed by Wall Street as a gauge of business activity.The Conference Board's report on November leading economic indicators is due at 10 a.m., followed by the Philadelphia Federal Reserve Bank's December business activity survey at noon.On Wednesday, the Dow Jones industrial average <.DJI> was down 25.20 points, or 0.19 percent, at 13,207.27. The Standard & Poor's 500 Index <.SPX> was down 1.98 points, or 0.14 percent, at 1,453.00. The Nasdaq Composite Index <.IXIC> was up 4.98 points, or 0.19 percent, at 2,601.01.(Editing by Kenneth Barry)
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