U.S. stock futures point higher on robust earnings

NEW YORK, June 22 (Reuters) U.S. stock index futures pointed to a higher market open on Thursday as a renewed focus on profits over interest rate concerns was set to boost stocks for a second day.

Following the Nasdaq Composite Index's gain of more than 1 percent in the previous session, Oracle Corp., the world's largest database maker, was expected to report fourth-quarter profit that could beat the company's forecast, helped by strong revenue in software licensing.

Other companies set to report results include Solectron Corp., Tektronix and Family Dollar Stores.

Better-than-expected earnings from investment bank Morgan Stanley and parcel delivery service FedEx Corp. on Wednesday shifted investors' focus away from concern about slowing growth and higher inflation, which have battered equities since early May.

''The big picture is that the market has absorbed the fact that rates are going to rise a little higher, but the earnings picture continues to look good,'' said Peter Dunay, chief investment strategist at Leeb Index Trader in New York. ''As long as earnings stay strong, the market will continue to firm up and investors will continue to feel comfortable buying stocks.'' S&P 500 futures were little changed but above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

Dow Jones industrial average futures rose 2 points, and Nasdaq 100 futures edged up 0.5 point.

Oracle will report earnings after the market closes on Thursday.

On Wednesday, the Dow Jones industrial average .DJI> hit a two-week high, climbing 104.62 points to end at 11,079.46. The Standard&Poor's 500 Index .SPX> gained 12.08 points, or 0.97 percent, to finish at 1,252.20. The Nasdaq shot up 34.14 points, or 1.62 percent, to close at 2,141.20.

On the downside, shares of Jabil Circuit Inc. may come under pressure after the announcement on Wednesday by the cell phone and computer component maker of job cuts, plant closings and a softer-than-expected fourth-quarter forecast.

ID:nN21284830 Shares of Xyratex Ltd. also fell 5 percent after the closing bell. The data storage systems maker said its profit margin slipped. ID:nN21364146 Weekly U.S. jobless claims could bring economic concerns back to the forefront. The data is due at 8:30 a.m. (1230 GMT) with economists forecasting a rise in claims to 310,000 in the week ended June 17, from 295,000 in the previous week.

REUTERS CS HS1729