U.S. Stocks Seen Higher; Pixar Eyed


NEW YORK (Reuters) - U.S. stock futures pointed to a higher market open on Thursday as oil prices stayed below $55 a barrel and as investors lapped up beaten-down shares after recent declines in the market. Shares of Pixar Animation Studios Inc. (PIXR.O: Quote , Profile , Research ) stand to gain a day after its board approved a 2-for-1 split of the company's common stock. Pixar shares were up nearly 2 percent at $93.80 in after-hours trade on INET on Wednesday after closing at $92.25 on the Nasdaq. S&P 500 futures (SPM5: Quote , Profile , Research ) were up 3.4 points, above fair value accounting for interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures (DJM5: Quote , Profile , Research ) climbed 25 points, while Nasdaq 100 (NDM5: Quote , Profile , Research ) rose 6 points. "There is some relief on the oil side. There were a lot of fears that oil prices may touch $60 a barrel," said Hilary Cook, director of investment strategy at Barclays Stockbrokers in London. U.S. crude futures rallied on Thursday after a huge refinery blast in the United States, though a rising dollar and ample supplies capped gains. Oil futures were up 64 cents at $54.46 a barrel. Cook added that futures were also looking up because of bargain hunting after recent drops. "Some shares have been unfairly hit and merger activity may pick up in due course at these levels," Cook said. In merger news, MGM Mirage's (MGG.N: Quote , Profile , Research ) planned takeover of Mandalay Resort Group (MBG.N: Quote , Profile , Research ) has been delayed so that the deal can be reviewed in Illinois, the Las Vegas-based casino operators said on Wednesday. Shares of Lexar Media Inc. (LEXR.O: Quote , Profile , Research ) could get a lift after the maker of memory cards said a jury found Toshiba Corp. (6502.T: Quote , Profile , Research ) liable for breach of fiduciary duty and theft of trade secrets and awarded Lexar more than $380 million in damages. On the economic front, the Labor Department releases first-time claims for jobless benefits for the week ended March 19 at 8:30 a.m. Economists in a Reuters survey forecast a median total of 315,000 new filings compared with 318,000 in the prior week. Also at 8:30 a.m. the Commerce Department releases February durable goods orders. Economists in a Reuters survey expect a median rise in orders of 1.0 percent versus a revised fall of 1.3 percent in the prior month.     Continued ...
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