US STOCKS-Futures flat ahead of housing data

* BP expected to install an American as chief executive

* Glaxo dips on report of approach to Genzyme

* Futures down: Dow 9 pts; S&P 1.7 pts; Nasdaq 4.25 pts

* For up-to-the-minute market news see [STXNEWS/US]

NEW YORK, July 26 (BestGrowthStock) – U.S. stock index futures were
little changed on Monday ahead of data on new home sales,
following the best three-week period on the S&P 500 Index in
almost a year.

* S&P futures hovered around 1,100, a key level broken by
the benchmark on Friday for the first time in a month. Some
technical measures of both the S&P 500 (.SPX: ) and S&P futures
(SPc1: ) are sending bullish signals, but charts also show
further resistance roughly 1 percent above current levels.
Recent economic data has also cut into the positive sentiment.

* S&P 500 futures fell 1.7 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: )
lost 9 points and Nasdaq 100 futures (NDc1: ) shed 4.25 points.

* BP Plc (BP.L: )(BP.N: ) was up 2.6 percent in premarket
trading as the British oil giant is expected to install an
American troubleshooter as chief executive in the next 24
hours, replacing Tony Hayward, who has come under fire for his
handling of the worst oil spill in U.S. history.
[ID:nN26145842]

* Pharmaceutical stocks will be in the spotlight The Wall
Street Journal said Britain’s GlaxoSmithKline Plc
(GSK.L: )(GSK.N: ) had recently made “a very casual approach,” to
Genzyme Corp (GENZ.O: ) but industry insiders and analysts said
Glaxo’s chief executive was unlikely to pursue a deal.
U.S.-traded Glaxo shares dipped 1.4 percent to $35.99
premarket.

Sources familiar with the matter said on Friday that
Sanofi-Aventis (SASY.PA: )(SNY.N: ) was sounding out Genzyme,
prompting a 15 percent jump in the U.S. biotech company’s
market value to $16.7 billion. [ID:nLDE66P0JJ]

* Investors will eye the U.S. Commerce Department’s new
home sales data for June, at 10 a.m. (1400 GMT). Economists in
a Reuters survey forecast a total of 320,000 annualized units
in June compared with 300,000 in May.

* Legg Mason Inc (LM.N: ), Fluor Corp. (FLR.N: ), Lorillard Inc
(LO.N: ), Masco Co (MAS.N: ), Plum Creek Timber Co Inc (PCL.N: ) and
Range Resources Corp (RRC.N: ) are due to report results on
Monday.

* U.S. stocks (Read more about the stock market today. ) rose on Friday as GE’s (GE.N: ) dividend hike
boosted investor sentiment, the Dow Jones industrial average
gained 102.32 points, or 0.99 percent, to 10,424.62, and The
Nasdaq Composite Index (.IXIC: ) added 23.58 points, or 1.05
percent, to 2,269.47.

* The S&P 500 rose 8.99 points, or 0.82 percent, to
1,102.66, closing above the key 1,100 level for the first time
in a month after coming close but failing four times in July.

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US STOCKS-Futures flat ahead of housing data