Wall Street futures edge up; GDP, Bernanke eyed

* Futures for the Dow Jones industrial average (DJc1: ), the
S&P 500 (SPc1: ) and the Nasdaq 100 (NDc1: ) are flat to 0.1 percent
firmer, pointing to a slightly higher start on Wall Street ahead
of U.S. GDP data and a major speech by Federal Reserve Chairman
Ben Bernanke.

* The second estimate of U.S. second-quarter GDP will be of
importance at 1230 GMT. Economists in a Reuters survey forecast
a 1.4 percent annualised rate of growth compared with a 2.4
percent rate in the advance estimate.

* At 1400 GMT, investors will eye a speech by Bernanke at
Jackson Hole, Wyoming. He is likely to signal his views about
the uncertain prospects for the world’s biggest economy but
probably won’t offer many clues on whether the U.S. central bank
will pump in more cash to keep the recovery going.
[ID:nN25199098]

* The Thomson Reuters/University of Michigan Surveys of
Consumers releases it final August consumer sentiment index at
1355 GMT. Economists in a Reuters survey expect a reading of
69.6, a repeat of the preliminary August number.

* There is little in the way of earnings news on Friday, but
Tiffany & Co. (TIF: ) is reporting second-quarter figures.

* In corporate news, Hewlett-Packard Co (HPQ.N: ) raised its
bid for data storage company 3PAR Inc (PAR.N: ) to $1.8 billion,
dealing a blow to Dell Inc’s (DELL.O: ) $1.6 billion effort to win
a rapidly escalating bidding war. [ID:nN26185803]

* Cybersecurity firm ArcSight Inc (ARST.O: ) has put itself up
for sale and could be bought by a technology giant such as
Oracle Corp (ORCL.O: ), Hewlett-Packard Co (HPQ.N: ) or IBM (IBM.N: ),
The Wall Street Journal reported on Thursday. [ID:nN26215634]

* Boeing Co (BA.N: ) said on Friday it now expects delivery of
the first 787 Dreamliner in the middle of the first quarter
2011, owing to a delay in engine availability. [ID:nSGE67Q06R]

* Canadian insurer Manulife Financial Corp (MFC.TO: ) and
Switzerland’s Ace Ltd (ACE.N: ) are among bidders for New York
Life Insurance Co’s Hong Kong, Taiwan and South Korean assets
that are up for sale, sources said, in a deal valued between
$800 million and $1 billion. [ID:nTOE67Q021]

* Swiss drugmaker Roche Holding (ROG.VX: ) said on Friday the
U.S. Food and Drug Administration (FDA) has rejected its request
to fast-track a licence application for a drug aimed at
combating breast cancer. [ID:nLDE67Q036]

* The Obama administration’s so-called Public-Private
Investment Program, which was devised to purge troubled real
estate assets from the financial system, has generated an
estimated return of 15.5 percent for taxpayers so far, according
to the New York Times.

* Oil snapped a two-day rally on Friday and was heading for
a third straight week of losses as a forecast downgrade in U.S.
economic growth fed disquiet over record oil inventories and
weak housing and manufacturing data.

* European shares fell 0.5 percent on Friday and were on
track for a third straight week of losses as investors remained
concerned about the pace of economic recovery after recent grim
macroeconomic data.

* The Dow closed below 10,000 points on Thursday, the first
time the Dow has finished below that psychologically important
level since July 6.

The Dow Jones industrial average (.DJI: ) fell 0.7 percent,
the Standard & Poor’s 500 Index (.SPX: ) shed 0.8 percent and the
Nasdaq Composite Index (.IXIC: ) lost 1.1 percent.
(Reporting by Joanne Frearson; Editing by Michael Shields)

Wall Street futures edge up; GDP, Bernanke eyed