Stocks seen headed for higher open on auto aid plan

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By Chuck Mikolajczak

NEW YORK (Reuters) - U.S. stocks headed for a higher open on Wednesday as news the White House and congressional Democrats reached an agreement in principle to aid U.S. automakers. including General Motors , calmed investors' worries.

But signs of further deterioration in the world economy and the profit outlook, including big job losses at an global mining company, fueled caution a day after stocks sell-off ended two straight days' of gains.

Without government help. investors fear that a possible failure or bankruptcy in the auto sector could send shock waves

through the economy and worsen unemployment.

Backers of the $15 billion proposal for bailing out U.S. automakers could come to a vote in the House as early as Wednesday, officials said.

"Investors have been concerned about the continued acceleration of the market free-falling with significant bad news events," said Rick Meckler, president of investment firm LibertyView Capital Management in New York.

But news of the auto agreement should spur "more of a relief rally than the feeling that this is something good for the markets itself."

S&P 500 futures were 10.90 points higher 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 climbed 84 points, and Nasdaq 100 futures gained 10 points.

Shares of GM were up 3.8 percent to $4.88 in premarket trade and Ford gained 3.7 percent to $3.35.

Also likely to lend support to the market was a rebound in oil prices, which could boost energy shares. U.S. front-month crude was up 4 percent to $43.96 barrel.

Earnings news and outlooks continued to cast a pall. Shares of Eastman Kodak tumbled nearly 16 percent to $6 before the bell after the photography company warned 2008 revenue and profit will fall short of expectations.

Video game publisher Electronic Arts shares fell 10 percent to $17.40 in premarket trade a day after the company cut its outlook.

Stocks in Asia rose overnight, sending the Hang Seng index up nearly 6 percent, as investors bet on stimulus measures from Beijing. Hopes for a U.S. auto deal also contributed to the gains, but European shares edged lower.

Global miner Rio Tinto said it planned to cut 14,000 jobs and reduce capital expenditures by $4 billion in 2009. Chinese imports and exports unexpectedly fell in November, which underscored the breadth and the depth the global slump.

Year-to-date the S&P 500 is off 39.5 percent but has gained 18 percent since hitting a November 21 low. From its October 2007 record high, the index is off about 43 percent.

(Editing by Kenneth Barry)

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