Flat open seen as HP offsets economic worry

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By Ellis Mnyandu

NEW YORK (Reuters) - Stocks headed for a flat open on Tuesday as computer maker Hewlett-Packard's reassuring quarterly results and profit outlook offset worries about the deepening global economic slump.

Shares of HP, a computer maker and a Dow component, jumped more than 15 percent to $33.93 before the bell, a surge that sparked gains in the shares of other technology companies.

Shares of Apple Inc shot up nearly 3 percent before the bell, while International Business Machines Corp , a technology services company, climbed more than 3 percent.

There was also some encouraging news on the inflation front after a government report showed U.S. producer prices declined by a record 2.8 percent in October as energy prices slumped. The core PPI gauge, excluding food and energy, however, rose more than forecast.

"Basically the headline PPI number is down far more than expected, and it points to the very significant relief that the American consumer and businesses are getting from the drop in energy prices," said David Katz, chief investment officer at Matrix Asset Advisors in New York.

"It is clearly a net positive, and that, coupled with the better-than-expected Hewlett-Packard news, has sent futures from significantly lower to better."

S&P 500 futures were off 6.30 points and were 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 edged up 1 point, and Nasdaq 100 futures shed 1 point.

HP posted stronger-than-expected preliminary quarterly results and gave a full-year profit forecast that also eclipsed Wall Street estimates despite the weak global economy.

But even with the optimism from the technology front, uncertainty about the fate of the talks over the desperately needed economic aid for General Motors Corp and others in the U.S. automobile sector was likely to fuel some caution.

Investors also await appearances by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke on Capitol Hill, who will report on the status of the government's $700 billion financial sector bailout start at 9:30 a.m..

Executives from the three biggest U.S. automakers -- GM, Ford Motor Co and Chrysler -- were to plead their case for government aid in Washington later on Tuesday.

(Additional reporting by Ryan Vlastelica; Editing by Kenneth Barry)

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