Stock futures edge up amid M&A; earnings awaited

* Schlumberger Ltd agreed to buy Smith International in a $11.34 billion all-stock deal that will boost the oilfield services leader's revenue to double that of its nearest rival.

* Schlumberger's move should set a positive early tone to the market adding confidence that the economy is on the road to recovery, said Andre Bakhos, president of Princeton Financial Group in North Brunswick, New Jersey.

* Lowe's Co posted earnings of $0.14 a share. They were expected to post an earnings per share of $0.12 for the fourth quarter. Lowe's is seen as indicator for the consumer's willingness to spend.

* S&P 500 futures rose 2.7 points and were above 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 rose 19 points and Nasdaq 100 futures added 7 points.

* Five former Treasury secretaries urged Congress on Sunday to bar banks that receive federal support from engaging in speculative activity unrelated to basic bank services.

* President Barack Obama will pitch his bid to revamp the U.S. healthcare system as a way to control big insurance company rate increases when he releases his healthcare plan on Monday, the White House said.

* Other companies reporting results on Monday include Cabot Oil & Gas Corp , DTE Energy , Nordstrom , Quanta Services , RadioShack Corp .

* U.S. stocks rose on Friday as investors took the Federal Reserve's discount rate increase as evidence that the financial system is healing but worried that the eventual withdrawal of easy money will hurt Wall Street.

(Reporting by Edward Krudy; Editing by Theodore d'Afflisio)