Reply #3: Stocks Set to Open Up on Economic Data

[ozymandius]

NEW YORK - U.S. stock futures are trading higher Thursday ahead of a session to be dominated by economic data, including jobless claims and the consumer price index reports.

Dow Jones futures were recently up 18 points, while Nasdaq futures were ahead 2 points and S&P futures were up 1.8 point.

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In corporate news, consumer-products maker Newell Rubbermaid will slash more than 5,000 jobs and close a third of its 80 manufacturing plants as part of a restructuring aimed at cutting $120 million a year in costs by 2008. The initiative will result in $295 million to $340 million in restructuring charges, beginning with about $185 million to $210 million in charges for 2006.

Blackstone Group is close to an agreement to acquire UICI, a nontraditional health-insurance company, in a deal that will involve about $1.2 billion in equity, one of the largest equity investments the firm has made, The Wall Street Journal reported Thursday. Management of the insurer will contribute about $100 million to the buyout, people familiar with the matter said. Blackstone is expected to sell about $250 million of equity in the deal to two other investment firms, including DLJ Merchant Banking Partners, the private-equity arm of Credit Suisse Group's Credit Suisse First Boston.

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