US STOCKS-Futures flat as Europe concerns linger, GM IPO set

                                

                                
 * Ireland debt woes, China inflation could be headwinds
                                
 * GM IPO could raise up to $22.7 bln, be US's biggest ever
                                
 * Data on consumer prices, housing starts on tap
                                
 * Futures up: Dow 6 pts, S&P 3.2 pts, Nasdaq 5.75 pts
                                
 * For up-to-the-minute market news see [STXNEWS/US]
  (Updates prices, adds quote, Target earnings)
                                
 By Ryan Vlastelica
                                
 NEW YORK, Nov 17 (Reuters) - U.S. stock index futures were
little changed on Wednesday as investors weighed debt woes
Ireland and digested final terms of GM's initial public
offering.
                                
 Concerns that further bailouts may be needed in Europe and
the prospect of China raising rates to rein in inflation sank
equities in a broad selloff in Tuesday's session. For details,
see [ID:nSGE6AG08D]
                                
 On Wednesday, Ireland said it would work with a European
Union-International Monetary Fund mission on steps to help its
struggling banking sector, a process that could lead to a
bailout despite Dublin's reluctance. [ID:nLDE6AG004]
                                
 "Ireland's lack of movement so far has created turmoil
throughout the world because it places the global economic
recovery in jeopardy," said Robert Pavlik, chief market
strategist at Banyan Partners LLC in New York.
                                
 "Things are still on a tenuous footing, but since they are
engaging with authorities to tackle the problem, that's helping
some."
                                
 In Asia, the Chinese State Council said Beijing will take
forceful measures to stabilize consumer prices. The news
pressured commodities, sending crude oil down 0.6 percent.
[ID:nTOE6AG067]
                                
 General Motors Co [GM.UL] set the terms for a landmark IPO
that could be the largest in U.S. history and raise up to $22.7
billion. [ID:nN17165039]
                                
 If GM has success, it could bode well for Chrysler's own
planned offering, Fiat SpA <FIA.MI> Chief Executive Sergio
Marchionne said late Tuesday. [ID:nN16135148]
                                
 "Any strong IPO is going to help the overall market, but
there are a lot of company-specific issues here so I don't
think it will lift the market much going forward," Pavlik said.
"GM isn't going to be the next Google or Apple."
                                
 S&P 500 futures <SPc1> rose 3.2 points and were about even
with 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>
added 6 points and Nasdaq 100 futures <NDc1> rose 5.75 points.
                                
 A U.S. Food and Drug Administration advisory panel approved
a Human Genome Sciences Inc <HGSI.O> drug to treat lupus. Its
shares gained 1.8 percent to $26.35 in premarket trading, while
U.S.-listed shares of GlaxoSmithKline Plc <GSK.L><GSK.N> rose
2.2 percent to $39.38. GlaxoSmithKline will split the drug's
profits. [ID:nN16104638]
                                
 Retailer Target Corp <TGT.N> posted a better-than-expected
quarterly profit and forecast that same-store sales would be
the best in three years. Its shares were up 1.8 percent to
$54.50 premarket. [ID:nN17187289]
                                
 Applied Materials Inc <AMAT.O>, Limited Brands Inc <LTD.N>
and NetApp Inc <NTAP.O> are also on tap to report later
Wednesday.
                                
 On the macroeconomic front, October consumer prices are on
tap, along with housing starts. Consumer prices are seen rising
1.3 percent, while 600,000 housing starts are expected,
slightly below the previous month.
                                
 The Federal Deposit Insurance Corp is conducting about 50
criminal investigations of U.S. banks that have failed since
the start of the financial crisis, the Wall Street Journal
reported. [ID:nSGE6AG04G]
                                
 Late Tuesday, the CEO of Bank of America Corp <BAC.N> said
a quick settlement of the 50-state probe of mortgage
foreclosures would be best for all involved. [ID:nN16144223]
  (Editing by Jeffrey Benkoe)