Futures little changed, bank shares in focus

19/03/2010 - 11:53

NEW YORK (Reuters) - Stock index futures were little changed on Friday, with bank stocks in focus after bailed-out British lender Lloyds Banking Group Plc said it would return to profitability in 2010.

* Lloyds shares rose 9 percent in morning trading and led the sector higher in Europe.

* S&P 500 futures rose 0.4 points 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 fell 2 points, and Nasdaq 100 futures added 7.5 points.

* Palm Inc's stock fell 14 percent in light premarket trading a day after it warned that quarterly revenues would be far below expectations, as tepid demand for its smartphones left wireless carriers with piles of inventory.

* Internet search giant Google Inc may make an announcement next Monday about whether it will pull out from China, the China Business News reported, quoting a source.

* Separately, Viacom Inc accused Google of turning a blind eye to illegal video clips on its YouTube site in a bid to attract viewers, according to court documents.

* Oil fell below $82 a barrel, extending the previous day's losses, as the U.S. dollar held onto gains against the euro amid worries over Greece's debt woes, and a rise in OPEC exports loomed.

* Concerns over Greece's debt problems persisted as the country raised the stakes in a quest for EU help, saying it cannot achieve promised deficit cuts if borrowing costs remain so high and may have to call in the International Monetary Fund.

* Technology powerhouse Samsung Electronics Co Ltd <005930.KS> is targeting a higher operating profit and double-digit growth in sales in 2010, fueled by strong demand for its flat screens and memory chips.

* The U.S. market will have few external drivers Friday as no major companies will report earnings and no major economic data is due.

* Asian stocks rose for a sixth straight week on Friday, in their longest string of weekly gains since a global bull market began a year ago. European shares were higher in early trading.

* The Dow industrials rose for an eighth consecutive session Thursday, led by a rise in Boeing Co's stock, while mixed economic data kept the broader S&P 500 in check.

(Editing by Jeffrey Benkoe)