NEW YORK (Reuters) - U.S. stock futures were flat on Thursday, with investors cautious ahead of a batch of economic data and as disappointing earnings from automaker General Motors Corp. (GM.N) revived worries about the subprime market.þþData on preliminary first-quarter productivity and unit labor costs, as well as the Institute for Supply Management's nonmanufacturing report will be scrutinized for further clues about the health of the economy.þþGM said first-quarter earnings fell, missing estimates as losses related to housing finance at GMAC more than offset a gain in its automotive operations. GM shares fell 2.6 percent to $31.60 before the bell.þþ``This subprime issue seems to be looming out there in the background,'' said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.þþGMAC, the finance company in which General Motors sold a majority stake last year, posted a first-quarter net loss on Wednesday, as the U.S. subprime mortgage crisis forced it to take charges at its housing finance unit. For details, see``There is a lot of room for surprises in both the productivity and the ISM report, so investors will be a little cautious ahead of those,'' said Mendelsohn.þþS&P 500 futures (SPc1) were down 0.9 point, at fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.þþDow Jones industrial average futures (DJc1) were down 4 points, and Nasdaq 100 (NDc1) futures were down 2.75 points.þþCBS Corp. (CBS.N), the media company, said first-quarter earnings fell slightly, as a drop in revenue from its radio business undercut limited gains in its television and outdoors units.þþThe economic diary also includes initial jobless claims at 8:30 a.m. (1230 GMT).þþU.S. stocks rose sharply on Wednesday, as robust profits and a flurry of buyout offers powered the Dow Jones industrials to a record high and the S&P 500 to its highest level in over six years.þþ
Source: NY Times
