Little Change In U.S. Stock-Index Futures; Pfizer Gains (PFE, NOVL, NFLX)

U.S. stock-index futures expiring this month changed little ahead of reports that may show service industries expanded at a faster-than-expected pace alongside still continuing job cuts.

Futures on the S&P 500 Index expiring this month gained 0.1% at 6.58 a.m. in New York, same as Dow Jones Industrial Average futures, and Nasdaq-100 Index futures.

Pfizer, Inc. (NYSE: PFE) gained 1.7% in early New York trading on the news of its 3 billion euros bid for Germany’s Ratiopharm GmbH.

Novell, Inc. (NASDAQ: NOVL) jumped 25% after one of its shareholders, Elliott Associates LP, made an unsolicited takeover offer of $2 billion.

Netflix, Inc. (NASDAQ: NFLX) lost 3.7% after its stock was downgraded by BofA-Merrill Lynch Global Research.

S&P 500, which lost 2.8% from this year’s high on January 19 amid concerns of a potential second recession in Europe, rose to its highest level since January 20,yesterday, on expectations of higher earnings at banks, more corporate takeovers, and a possible solution to Greece’s fiscal problem.