* Yelp shares up in premarket as revenue jumps
* AT&T approached DirecTV about possible acquisition: WSJ
* Data on jobless claims and manufacturing on tap
* Futures up: Dow 11 pts, S&P 0.2 pt, Nasdaq 9.75 pts
By Ryan Vlastelica
NEW YORK, May 1 U.S. stock index futures were
little changed on Thursday as investors paused following a rally
in the previous session that took the Dow to its first record
close of 2014.
* Thursday's gains came as the Federal Reserve gave an
upbeat view of the economy's prospects after its policymaking
meeting, though concerns remained, including a read on
first-quarter economic growth that was weaker than expected.
* Traders also continued to take their cue from corporate
earnings. Health insurer Cigna Corp reported
first-quarter earnings that beat expectations, following
similarly positive results from competitors WellPoint Inc
and Aetna Inc. Textron Inc's
earnings fell from the prior year while revenue was
* Late Wednesday, Yelp Inc reported a 66 percent
rise in quarterly revenue. Shares jumped 10 percent to $63.90 in
* Yelp's results were a positive report for Internet names,
which have slumped recently on concerns that they, along with
biotech "momentum" names, were overvalued. Those losses
contributed to the Nasdaq's 2 percent decline in April, while
the Dow rose 0.7 percent and the S&P 500 added 0.6 percent.
* S&P 500 futures rose 0.2 point and were about even
with 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 added 11
points and Nasdaq 100 futures rose 9.75 points.
* Several economic indicators will be released on Thursday,
including weekly jobless claims and March personal income and
spending data, all at 8:30 a.m. (1230 GMT) Construction spending
and the Institute for Supply Management's April read on
manufacturing are on tap for release at 10:00 a.m.
* Construction spending is seen rising 0.5 percent in March
while manufacturing is expected to rise modestly from the prior
month. Jobless claims are seen falling by 10,000, which could
raise optimism about Friday's closely watched payroll report.
* The Wall Street Journal, citing people familiar with the
situation, reported that AT&T Inc had approached DirecTV
about a possible acquisition. A deal would likely be
worth at least $40 billion, it wrote. Shares of DirecTV rose 8.3
percent to $84.01 in light premarket trading.
* Wall Street closed mostly higher on Wednesday, lifted by
the Fed's statements on the economy. The central bank also said
it would reduce its monthly bond purchases to $45 billion from
$55 billion, as expected. That will keep it on track to end the
program as soon as October.
(Editing by Bernadette Baum)