US STOCKS-Futures inch up after German data, Friday sell-off

                                
   * German industrial orders top forecast
                                
 * S&P sits at key support level
                                
 * BP makes progress on oil spill
                                
 * Futures up; Dow 1 pt, S&P 500 1.6 pts, Nasdaq 4 pts
  (Adds Oceaneering outlook)
                                
 By Chuck Mikolajczak
                                
 NEW YORK, June 7 (Reuters) - U.S. stock index futures were
slightly higher on Monday, reversing sharp declines in the last
session, as solid German data eased concerns about a wobbly
European economy and the S&P looked to bounce off a key
technical level.
                                
 German industrial orders jumped far more than expected in
April, adding to signs that Europe's largest economy was on the
path to durable growth. For details, see [ID:nLDE656107]
                                
 Traders also pointed to critical support levels for the S&P
500 in the wake of Friday's sell-off in the absence of U.S.
economic and earnings news. The index has tumbled 12.5 percent
since its April 23 high for the year.
                                
 On Friday, the S&P 500 fell below 1,070, which was
considered a support level for the index and closed just below
the intraday low the market reached during the so-called "flash
crash" on May 6.
                                
 "It has been a headline-driven market so we are going to
have to wait for some headlines for either a move for stability
or a continuation of the weakness," said Andre Bakhos, director
of market analytics at Lek Securities in New York.
                                
 "We got whaled on Friday so we are looking for a little
stability. There are very few headlines to do it. We are
sitting at support so people may be picking away at things."
                                
 S&P 500 futures <SPc1> rose 1.6 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 <DJc1> gained 1
point, and Nasdaq 100 futures <NDc1> rose 4 points.
                                
 Apple Inc <AAPL.O> shares gained 0.8 percent to $258.00 in
premarket trading ahead of what is widely expected to be the
unveiling of its newest iPhone on Monday. [ID:nN07149473]
                                
 U.S.-listed shares of BP Plc <BP.L><BP.N> gained 4.1
percent to $38.70 premarket after the company said it was
capturing most of the oil gushing from its gushing Gulf of
Mexico well, and that an additional capture system would be
ready in mid-June.
                                
 Oceaneering International Inc <OII.N> slipped 2.1 percent
to $42 in light premarket trade after the company cut its
earnings outlook, citing a U.S. government's decision to halt
deepwater drilling activities in the Gulf of Mexico after the
mammoth spill. [ID:nSGE656073]
                                
 In merger news, Spain's Grifols SA <GRLS.MC> agreed to buy
Talecris Biotherapeutics Holdings Corp <TLCR.O>, which produces
plasma-based protein therapies, for $3.4 billion in a move to
expand its business in blood products. Talecris jumped 51
percent to $24.03 premarket trade. [ID:nLDE6560AA]
                                
 Reliance Communications Ltd <RLCM.BO> and AT&T Inc <T.N>
have talked about the U.S. telecommunications giant taking a
significant minority stake in the Indian company, the Wall
Street Journal reported, citing sources. [ID:nSGE6560AL]
  (Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)