US STOCKS-S&P futures rise on Sybase deal, jobless data due

* Cisco CEO still cautious over economy

* Jobless claims expected at 8:30 am EDT (1330 GMT)

* Futures: S&P up 2 pts, Dow off 12 pts, Nasdaq up 1.25

* For up-to-the-minute market news see [STXNEWS/US]
(Recasts, adds details, quote, byline)

By Leah Schnurr

NEW YORK, May 13 (BestGrowthStock) – S&P 500 index futures edged
higher on Thursday, reversing an earlier decline, as investors
were cheered by a big technology-sector acquisition and
Portugal moved to stem its sovereign debt problems.

German software company SAP AG (SAPG.DE: )(SAP.N: ) plans to
buy smaller U.S. rival Sybase Inc (SY.N: ) for $5.8 billion to
acquire technology that delivers business software to
smartphones. Sybase surged 15.3 percent to $64.75 before the
opening bell, while U.S.-listed shares of SAP were down 0.6
percent at $44.62. [ID:nN12224136]

“M&A activity is always a good sign. I think we’re going to
see a lot more M&A activity as well,” said Arthur Hogan, chief
market analyst at Jefferies & Co in Boston.

“SAP had a pile of cash, and they’re not alone. There’s a
lot of cash on the sidelines, and you’re going to see that
being put to work.”

Portuguese leaders agreed to tough new austerity measures,
joining a coordinated euro-zone push to prevent Greece’s debt
crisis from spreading. [ID:nLDE64B0SK]

S&P 500 futures (SPc1: ) added 2 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: ) fell 12
points, and Nasdaq 100 futures (NDc1: ) rose 1.25 points.

Investors were also awaiting initial jobless claims due at
8:30 am EDT (1330 GMT). First-time claims for jobless benefits
are expected to dip to 440,000 last week from 444,000 the week
before, according to a Reuters poll of economists. [ECI/US]

On the downside, Cisco Systems Inc (CSCO.O: ) slipped 1.5
percent to $26.35 after its quarterly results beat expectations
late Wednesday, but its chief executive was cautious about the
economy as the U.S. employment picture remained weak.
[ID:nN12195688]

Financial stocks could come under pressure after reports
that five U.S. banks and four European lenders are being
investigated by U.S. authorities in a widening probe of past
mortgage securities deals. [ID:nLDE64C0N0]

Stocks capped their best three-day run in 10 months on
Wednesday, boosted by tech and industrial shares, as Spain
unveiled an austerity plan that reassured investors that Europe
was addressing its fiscal ills.

Investment

(Editing by Jeffrey Benkoe)

US STOCKS-S&P futures rise on Sybase deal, jobless data due