Stock futures tick up tracking global stocks

on May 28 2010 7:32 AM

Stock index futures edged higher on Friday, tracking global stocks, as beaten-down shares continued to entice investors and fears about euro-zone debt receded.

Investors awaited the release of economic data, including April personal income and consumption and May's New York ISM numbers, both due at 8:30 a.m. EDT, and May Chicago PMI at 9:45 a.m. EDT.

The final reading of the May Reuters/University of Michigan U.S. consumer sentiment survey is due at 9:55 a.m. EDT

S&P 500 futures rose 1 points and were slightly 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 gained 11 points, and Nasdaq 100 futures fell 0.75 points.

Apple Inc shares rose 1.4 percent in light premarket trading after Asian and European customers mobbed stores as the iPad tablet computer debuted outside the United States.

British insurer Prudential Plc said it was trying to negotiate the $35.5 billion price it agreed to pay for American International Group Inc's Asian unit amid fears that shareholders might block the deal as too expensive.

Royal Dutch Shell said it would pay $4.7 billion in cash to buy privately held East Resources Inc for substantially more exposure to crucial shale gas plays in North America.

The U.S. House of Representatives approved a bill backed by Boeing Co that would force consideration of illegal subsidies in the multibillion-dollar race between Boeing and Europe's EADS to sell refueling aircraft to the U.S. Air Force.

Guess Inc fell more than 9 percent in extended trading Thursday after the clothing retailer forecast second-quarter revenues below estimates.

U.S. stocks rallied Thursday as concerns eased after China refuted a report it was reviewing its euro zone bond holdings.

(Editing by Jeffrey Benkoe)

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