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US STOCKS-Wall St to open flat ahead of new home sales data
May 23, 2014 / 12:55 PM / in 4 years

US STOCKS-Wall St to open flat ahead of new home sales data

* HP gains in premarket after results, job cut plans

* Aeropostale stumbles before the bell after outlook

* New home sales data due

* PTC shares soar on EU backing for muscular dystrophy drug

* Futures up: Dow 5 pts, S&P 1 pt, Nasdaq 5 pts (Updates prices, adds Foot Locker results, PTC)

By Chuck Mikolajczak

NEW YORK, May 23 (Reuters) - U.S. stocks were poised to open flat on Friday, ahead of data on the housing market, with the S&P 500 on track to notch its first weekly gain in the past three.

* New home sales data for April is due at 10:00 a.m. (1400 GMT). Expectations call for sales of single-family homes to climb to 425,000 units from the seasonally adjusted annual rate of 384,000 units in the prior month.

* The S&P 500 ended higher for a second session on Thursday, as gains in small-cap stocks help buoy investor confidence, while the Nasdaq climbed on a rally in biotech shares. The benchmark S&P index has climbed in four of the past five trading days and is up 0.8 percent for the week.

* The S&P is 0.5 percent from its record intraday high of 1,902.17 set on May 13 and 0.3 percent from its record closing high of 1,897.45 set on the same day. The index has been range-bound between the highs and its 50-day moving average as investors have been unsure of the pace of the economic recovery.

* S&P 500 e-mini futures rose 1 point and were slightly above 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 e-mini futures gained 5 points and Nasdaq 100 e-mini futures added 5 points.

* Volume is expected to be light Friday ahead of an extended holiday weekend, with Wall Street closed Monday for Memorial Day.

* Hewlett-Packard Co edged up 0.2 percent to $31.83 in premarket after it reported quarterly results and said it may cut as many as 16,000 more jobs in a major ramp-up of CEO Meg Whitman’s years-long effort to turn around the personal computer maker and relieve pressure on its profit margins.

* Aeropostale tumbled 16.8 percent to $3.76 before the opening bell after the teen apparel retailer forecast a bigger-than-expected loss for the current quarter.

* Foot Locker shares advanced 3 percent to $49.65 in premarket after the athletic footwear and apparel retailer posted first-quarter earnings.

* PTC Therapeutics shares surged 122.3 percent to $34.05 in premarket after European regulators recommended a conditional marketing authorization for the biotech company’s drug for Duchenne muscular dystrophy. (Editing by Bernadette Baum)

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