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U.S. stock futures signal rise after Cyprus deal

Source : REUTERS
Last Updated: Mon, Mar 25, 2013 09:50 hrs

PARIS, March 25 (Reuters) - U.S. stock index futures pointed to a higher open on Wall Street on Monday, rallying with world stocks after Cyprus reached a deal with lenders to bail out the indebted island and avert a collapse of its banking system.

* At 0930 GMT, futures for the S&P 500 were up 0.43 percent, Dow Jones futures up 0.26 percent and Nasdaq 100 futures up 0.45 percent, while the euro zone's blue chip Euro STOXX 50 index was up 1.5 percent.

* Cyprus reached a last-ditch agreement with international lenders to shut down its second-largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians, in return for a 10 billion euro ($13 billion) bailout.

* German Finance Minister Wolfgang Schaeuble said Cypriot lawmakers would not need to vote on the scheme, since they had already enacted a law setting procedures for bank resolution.

* Shares in Dell will be in the spotlight after a source told Reuters a special committee of the group's board is evaluating separate takeover proposals from Blackstone Group and billionaire investor Carl Icahn to decide whether either or both are likely to trump an existing $24.4 billion take-private deal.

* Verizon will also be in focus after shares in UK telecom group Vodafone rose 2.5 percent on Monday on renewed speculation the firm could be working towards a deal to either sell its 45 percent stake in Verizon Wireless in the United States, or merge itself with Verizon. A report in the Sunday Times said Vodafone was now leaning towards a sale of the U.S. unit, with a deal possible in the summer. Vodafone's 45 percent stake is valued at around $115 billion.

* The board of directors of JPMorgan Chase & Co said on Friday it "strongly endorses" keeping Jamie Dimon as both their chairman and chief executive of the company.

* Caterpillar Inc has won a five-year contract valued at up to $633 million to supply equipment to the U.S. military, the Pentagon said Friday in its daily digest of major contracts.

* Boeing Co said on Friday it would lay off about 800 machinists this year as it reduces its workforce on its 747 and 787 airplane programs.

* CBS Corp is nearing an agreement to purchase about half of TV Guide Network, according to various media reports on Friday. The New York-based mass-media company is expected to pay about $100 million to buy out the TV Guide Network stake held by One Equity Partners, the private-equity arm of J.P. Morgan Chase & Co, the Wall Street Journal reported, citing people familiar with the matter.

* Otelco Inc filed for Chapter 11 bankruptcy on Sunday, court documents showed, three months after the telecom services provider lost a key revenue-generating contract from Time Warner Cable Inc.

* U.S. stocks rose on Friday on optimism that a deal to bail out Cyprus would be reached, but ended lower for the week for just the second time this year.

* The Dow Jones industrial average rose 90.54 points, or 0.63 percent, to end at 14,512.03. The Standard & Poor's 500 Index gained 11.09 points, or 0.72 percent, to finish at 1,556.89. The Nasdaq Composite Index advanced 22.40 points, or 0.70 percent, to close at 3,245.00.




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