U.S. Stock Index Futures Rise; Oracle Eyed

U.S. stock index futures pointed to a higher open on Wall Street Wednesday, with futures for the S&P 500 up 0.38 percent, Dow Jones futures up 0.62 percent and Nasdaq 100 futures up 0.61 percent at 0910 GMT.

* Oracle Corp (ORCL.O) will be in the spotlight after it posted after the bell on Tuesday earnings that fell short of Wall Street's forecasts for the first time in a decade as software and hardware sales sputtered, stoking fears a global recession will hurt tech spending. Shares of the company traded in Frankfurt (ORCL.F) were down 6.8 percent.

* Contract manufacturer Jabil Circuit Inc (JBL.N) posted quarterly revenue below analysts' estimates as its large customers battled inventory pile-ups, and sees lower revenue in the second quarter from its high-velocity segment which services digital products.

* Paychex Inc (PAYX.O) posted quarterly profit that beat market expectations helped by revenue growth in its payroll processing and human resources businesses, and said it continues to see a slow economic recovery with respect to sales from new clients.

* Losing a big Japanese order to Lockheed Martin Corp (LMT.N) was clearly a disappointment for Boeing Co (BA.N), but a $29.4 billion order from Saudi Arabia for F-15 fighter jets and several other competitions will keep the company in the fighter business for now.

* A payroll tax cut for 160 million American workers was in limbo on Wednesday with Democrats and Republicans in the U.S. Congress accusing each other of bringing an extension to a dead stop.

* Siemens (SIEGn.DE) will cut as many as 1,200 jobs from its Healthcare workforce worldwide amidst slowing growth in its diagnostics business, Healthcare finance director Michael Sen told a Swiss newspaper on Wednesday.

* German group HeidelbergCement (HEIG.DE) would consider making an offer for parts of Vulcan Materials (VMC.N) if they were put up for sale after a possible takeover by Martin Marietta Materials (MLM.N), its chief executive was quoted as saying.

* On the macro side, the National Association of Realtors will release existing home sales for November. Economists in a Reuters survey forecast a 5.05 million annualized unit total versus 4.97 million annualized units in October.

* European stocks were up 0.4 percent in morning trade, led by banking shares. The European Central Bank is expected to allot 310 billion euros ($407 billion) at its first-ever three-year refinancing auction on Wednesday, according to traders polled by Reuters just hours before the ECB announces the results of the tender.

* The ECB's offer of three-year loans is seen easing fears of an impending credit crunch and possibly bolstering bond and money markets.

* U.S. stocks rallied nearly 3 percent on Tuesday as investors bought surging banks, homebuilders and networking companies, though low volume was seen as amplifying the market's move.

* The Dow Jones industrial average <.DJI> was up 335.73 points, or 2.87 percent, at 12,103.58. The Standard & Poor's 500 Index <.SPX> was up 35.95 points, or 2.98 percent, at 1,241.30. The Nasdaq Composite Index <.IXIC> was up 80.59 points, or 3.19 percent, at 2,603.73.

(Reporting by Blaise Robinson; Editing by Hans-Juergen Peters)