PARIS, May 23 (Reuters) - * U.S. stock index futures pointed
to a lower open on Wall Street on Wednesday, with futures for
the S&P 500 down 0.65 percent, Dow Jones futures
down 0.46 percent and Nasdaq 100 futures down 0.49
percent at 0911 GMT.
* Dell Inc will be in focus after the computer
major forecast disappointing second-quarter revenue as U.S. and
European corporate tech spending weakens and consumer personal
computer sales continue to shrink.
Dell shares sank more than 11 percent in after hours trade
on Wall Street on Tuesday and were down 12 percent in Frankfurt
on Wednesday morning.
* Lenovo Group Ltd, the world's No.2 PC maker,
said on Wednesday that it expects a slowdown in corporate
spending in the United States and Europe amid deepening global
* Ariba Inc will also be in the spotlight after top
European software company SAP AG said it plans to buy
Ariba in a deal valuing the business and commerce network
company at $4.3 billion, its latest maneuver against Oracle
in the fast-growing Internet-based computing market.
* Facebook will also be eyed, after sources said that
while company officials traveled the country to talk up the
company's $16 billion initial public offering, the social
networking giant advised analysts for underwriters to reduce
revenue and earnings forecasts.
* European stocks sank 1.5 percent in morning trade on
Wednesday, reversing a two-session recovery rally, while the
euro hit a 21-month low against the dollar ahead of an EU
The informal summit is expected to discuss growth-boosting
measures and the prospect of common euro zone bonds, but
investors doubt it will produce a plan to resolve the debt
crisis and restore market optimism, especially as Germany
strongly opposes the idea of mutualising debt.
* The Congressional Budget Office warned on Tuesday a
stalemate over how to tackle a series of fiscal deadlines at
year's end would likely push the United States economy into
recession in the first half of next year.
* Wells Fargo & Co does not employ the same kind of
hedging strategy that has triggered a trading loss of at least
$2 billion at rival JPMorgan Chase & Co, the bank's
chief risk officer said on Tuesday.
* Ford Motor Co received its second "investment
grade" credit rating on Tuesday, allowing the second-largest
U.S. automaker to reclaim its Blue Oval insignia and other
assets it mortgaged in 2006 to fund its turnaround plan.
* U.S. clothing maker Guess Inc reported a quarterly
profit that beat market expectations, helped by fewer discounts
at its North American retail business and higher sales in Asia,
sending its shares up about 6 percent in after-market trade.
* PetSmart Inc posted a better-than-expected
quarterly profit and raised its full-year outlook on strong
sales across all its product categories, sending its shares up 8
percent in after-market trade.
* On the macro front, investors awaited home price index for
March, due at 1400 GMT, as well as new home sales for April,
also due at 1400 GMT.
* U.S. stocks closed mostly flat on Tuesday after volatility
late in the session, with weakness in materials and energy
shares offsetting strength in financials.
* The Dow Jones industrial average dipped 1.67
points, or 0.01 percent, to 12,502.81 at the close. But the
Standard & Poor's 500 Index was up just 0.64 of a point,
or 0.05 percent, to 1,316.63. The Nasdaq Composite Index
declined 8.13 points, or 0.29 percent, to close at 2,839.08.