US STOCKS-Wall St set to dip after jobs data tempers M&A

* SAP to buy Sybase for $5.8 billion

* Cisco CEO still cautious over economy

* Jobless claims fall slightly less than expected

* Futures down: S&P 1.4 pts, Dow 32 pts, Nasdaq 7.5 pts

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

By Leah Schnurr

NEW YORK, May 13 (BestGrowthStock) – Wall Street was set for a
slightly lower open on Thursday as a listless report on jobless
claims offset cheer over a big software acquisition.

On the M&A front, 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
software to smartphones. Sybase surged 14.9 percent to $64.51
before the opening bell, while U.S.-listed shares of SAP were
down 0.8 percent at $44.54. For details, see [ID:nN12224136]

But slightly disappointing data on the number of workers
filing new applications for jobless benefits took some steam
out of earlier gains in futures. The report also showed the
number of people remaining on benefits unexpectedly rose.
[ID:nN13233348]

“There are more jobs being created, but the general trend
is that businesses are still reluctant to hire. They continue
to improve productivity and profits by refraining to hire,”
said Gary Shilling, president at A. Gary Shilling & Co in
Springfield, New Jersey.

S&P 500 futures (SPc1: ) slipped 1.4 points and were below
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 32
points, and Nasdaq 100 futures (NDc1: ) eased 7.5 points.

Lending support to markets was an agreement from Portuguese
leaders for tough new austerity measures. [ID:nLDE64B0SK]

While Portugal’s plan follow a series of moves this week to
prevent Greece’s credit crisis from spreading to other weak
euro-zone nations, analysts cautioned that uncertainties
remained over whether the efforts would be enough.

“While they’re taking the steps to shore up confidence,
there’s still a lot on the horizon that’s not answered yet,”
said Chris Hobart, president of Hobart Financial Group in
Charlotte, North Carolina.

Shares of Cisco Systems Inc (CSCO.O: ) slipped 3.1 percent to
$25.91 after its chief executive expressed caution about the
economy, even as its quarterly results beat expectations.
[ID:nN12195688]

Financial stocks could come under pressure after reports
the New York Attorney General’s office was investigating
whether eight banks misled ratings agencies about the quality
of mortgage securities they were offering. [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.

Stock Market Advice

(Additional reporting by Ryan Vlastelica; editing by Jeffrey
Benkoe)

US STOCKS-Wall St set to dip after jobs data tempers M&A