* Europe's leaders at odds before summit
* In win for Apple, judge halts U.S. sales of Samsung tablet
* Analysts cautiously optimistic on Facebook
* Futures: Dow off 1 pt; S&P, Nasdaq up less than 1 pt
By Rodrigo Campos
NEW YORK, June 27 Wall Street was set to open
flat on Wednesday as upbeat U.S. data was offset by concerns
over slowing economic growth and expectations that another
meeting of European leaders would do little to solve the
region's debt crisis.
Demand for long-lasting U.S. manufactured goods rose sharply
more than expected in May and a gauge of business spending plans
increased, but decelerating global growth suggests the momentum
might not be sustained.
Durable goods data "was better than expected, which is
surprising to see since recent economic reports have been less
positive. I'm still concerned we'll see a third summer of an
economic deceleration," said David Carter, chief investment
officer at Lenox Wealth Advisors in New York."
"While this is an important number, news out of Europe is
still dominating equity markets."
Few anticipate anything concrete to emerge from the two-day
European Union meeting that kicks off Thursday after German
Chancellor Angela Merkel said debt sharing, an idea backed by
France, Italy and Spain, would not happen in her lifetime.
"This is like a slow motion car accident occurring over
there and the market has certainly set this into prices," said
Robert Pavlik, chief market strategist at Banyan Partners LLC in
Palm Beach Gardens, Florida, about the EU summit.
S&P 500 futures rose 0.5 points and were slightly
above fair value, a formula that evaluates pricing by taking
into account interest rates, dividends and time to expiration of
the contract. Dow Jones industrial average futures fell 1
point, and Nasdaq 100 futures were mostly flat.
Some of Wall Street's top analysts have published their
research on Facebook Inc and most are cautiously
optimistic. Facebook shares fell 2.6 percent to $32.25 in
premarket trading after gaining more than 20 percent in the past
Shares of Lennar Corp rose 3.5 percent to $28.36
premarket after the U.S. homebuilder reported a rise in new
orders for the fifth straight quarter and said a slow and steady
recovery was underway in the housing market.
A U.S. judge on Tuesday backed Apple's request to
stop Samsung selling its Galaxy Tab 10.1 tablet in
the United States, giving the iPhone maker a significant win in
the global smartphone and tablet patent wars. Apple shares edged
up in premarket trading.
Google will soon unveil a tablet co-branded with
Taiwan's Asustek Computer and priced to compete with
Amazon's Kindle Fire device, an Asustek executive said.
Shares of O-Reilly Automotive tumbled 17.6 percent
to $79.44 premarket a day after the auto parts retailer revised