* MEMC shares rally after results
* Dean Foods to spin off unit, shares jump
* BoE cuts Britain's growth forecast
* Futures off: Dow 69 pts, S&P 5.8 pts, Nasdaq 6.5 pts
By Rodrigo Campos
NEW YORK, Aug 8 U.S. stocks were set to slip at
the open on Wednesday following three days of gains on Wall
Street as traders awaited more signals about central bank action
in support of a stalling global economy.
The Bank of England sharply cut its forecast for medium-term
economic growth in Britain and at the same time gave little
indication that it would rush to pour in further stimulus.
Growing expectations the European Central Bank could act
soon to contain the euro zone's debt crisis and a Federal
Reserve seen ready to take stimulus measures have triggered a
recent rally in equities, with the S&P 500 up for a fifth week
running and above 1,400, a level not seen since early May.
"We've had a pretty good run," said Lazard Capital Markets'
managing director Art Hogan. "Were in a position in the market
now where there are no clear catalysts and yet we've been
inching higher. The market seems to be finding its path of least
Spanish benchmark 10-year yields briefly rose
above 7 percent, underscoring the cautious tone from investors
recently disappointed by lack of coordination from European
officials in their efforts to reignite the economy.
S&P 500 futures were down 5.8 points and below 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 lost 69
points and Nasdaq 100 futures were down 6.5 points.
Shares of Dean Foods, which is spinning off a unit,
jumped 28.5 percent a day after the U.S. dairy company posted a
stronger-than-expected quarterly profit.
Shares of MEMC Electronic Materials Inc rallied 29
percent premarket after the silicon wafer maker reported a
surprise quarterly profit on an adjusted basis.
Williams Partners shares dropped 4.1 percent
premarket after the company announced the offering of 8.5
million common units.
Futures did not react to data showing U.S. nonfarm
productivity rose at a faster-than-expected 1.6 percent annual
rate in the second quarter as companies expanded output but only
modestly increased the hours worked by their employees.