* FedEx shrs dip after Q1 sales disappoint
* Initial jobless claims, housing starts on tap
* Futures: S&P off 0.5 pts, Dow up 20, Nasdaq off 0.5
(Adds quote, updates prices)
By Chuck Mikolajczak
NEW YORK, Sept 17 (Reuters) - U.S. stock index futures were
flat on Thursday, threatening a fourth straight positive
session, as FedEx Corp reported in-line quarterly profits and
investors awaited key data on the labor and housing markets.
FedEx <FDX.N> shares slipped 0.6 percent to $77.75 in
premarket trading after reporting first-quarter profit that
matched estimates but revenue that missed the Wall Street
views. The package delivery giant also reaffirmed its forecast.
For details, see []
The Labor Department is to release weekly first-time claims
for jobless benefits, with economists in a Reuters survey
forecasting a total of 555,000 new filings, compared with
550,000 in the prior week.
The Commerce Department is to detail housing starts and
permits for August at 8:30 a.m. (1230 GMT). Economists look for
an annualized rate of 600,000, compared 581,000 in July. A rate
of 580,000 permits are expected versus 564,000.
"You've got a lot of data coming out that is going to be
important before the market opens that is going to change the
shape of this thing," said Paul Mendelsohn, chief investment
strategist at Windham Financial Services in Charlotte,
Vermont.
"The market has been moving higher on all these better
than-expected numbers. The question is where do we stop."
Oracle Corp <ORCL.O> shares fell 2.2 percent to $21.65 in
premarket trade after the world's No. 3 software maker reported
in-line first-quarter earnings, although sales were below
expectations. []
S&P 500 futures <SPc2> off 0.5 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 <DJc2> added 20
points, and Nasdaq 100 <NDc2> futures fell 0.5 points.
Discover Financial Services <DFS.N> is also scheduled to
post quarterly numbers, with analysts looking for a loss of 9
cents a share, compared with a profit of 37 cents a year ago.
European shares rose on Thursday, extending the previous
session's sharp gains on renewed hopes of a global economic
recovery. []
Asian stocks hit their highest level in 13 months on
Thursday on signs the recovery could be strengthening, while
the dollar slid to a fresh one-year low as investor optimism
eroded its safe-haven appeal. []
Other U.S. economic data will include the Philadelphia
Federal Reserve Bank business activity survey for September at
2 p.m. (1800 GMT). Economists forecast a reading of 8.0 versus
4.2 in August.
U.S. stocks rose for a third day on Wednesday, hitting
fresh 2009 highs in a broad-based rally after data suggested a
stronger-than-anticipated recovery.
(Reporting by Chuck Mikolajczak; editing by Jeffrey
Benkoe)
