The Earthtimes online News
Home

Futures flat as oil offsets possible GE spinoff

Posted : Thu, 15 May 2008 11:45:07 GMT
Author : Reuters
Category : US (Business)
News Alerts by Email click here )
Create your own RSS
US Business News | Home
By Kristina Cooke

NEW YORK (Reuters) - Stock index futures were little changed on Thursday as reports of a possible spin-off at General Electric offset rising oil prices.

In addition, investor Carl Icahn has elected to move ahead with plans to run a dissident board slate at Yahoo, sources familiar with the matter said. Shares of Yahoo rose 2.2 percent to $27.75 after the bell on Wednesday.

General Electric Co may sell its appliance unit in an auction that could bring in $5 billion to $8 billion, The Wall Street Journal reported on its Web site on Wednesday. GE shares also edged higher.

The price of oil rose and was near $125 a barrel, raising concerns about inflation and the impact on consumer spending. UBS bank sharply raised its projection for oil prices and said inflation risks from rising crude costs would put a global economic recovery in 2009-2010 at risk.

A number of Federal Reserve officials, including Chairman Ben Bernanke, are scheduled to speak in Chicago, with investors searching for clues on the outlook for interest rates.

Economic data includes the Philadelphia Federal Reserve's business index, April industrial production and initial jobless claims for the latest week.

"The focus today is going to be the Fed speakers and the economic data -- if there are signs of stabilization, the market could jump," said Peter Cardillo, chief market economist at Avalon Partners in New York.

S&P 500 futures rose 1.8 points, roughly in line with 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 5.5 points, and Nasdaq 100 futures rose 13 points.

In Europe, shares were trading flat, weighed down by persistent concerns about the banking sector, while in Asia, stocks ended mixed.

U.S. stocks rose on Wednesday in light trading after a modest rise in consumer prices in April cooled inflation fears while Macy's Inc and Freddie Mac posted reassuring quarterly results.

(Editing by Kenneth Barry)


(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.


Share on

Have your Say
Name
Email
Subject
Your Comment

Enter Verification code
 
  

 

 

More US (Business) News click here

Choose Theme
Green Earth Blue Earth Orange Earth Purple Earth

Search
 
You can
Print this articleemail this articleComment on this article

Current News

News Category
Business
- India
- UK
- US
Entertainment
Environment
General
Health
Sports
Technology
World
Press Release
Add to Google Toolbar
Breaking News
Press Releases

About us | News Archives | Browse old Archive | Feedback | Disclaimer | Mobile/PDA | News Alerts

The views expressed in the articles are not necessarily those of earthtimes.org and we accept no responsibility for the views or opinions
expressed in the articles either direct or indirect.

© 2008 www.earthtimes.org, The Earth Times, All Rights Reserved | Privacy Policy