Futures flat as Apple up in year-end trade

NEW YORK, Dec 29 (Reuters) U.S. stock futures were little changed on Friday, as shares of Apple Computer Inc. rose after a regulatory filing calmed worries about the company's options grants, which offset concerns about selling to lock in profits for the year.

Trading volume was expected to be thin on Friday, but if the Nasdaq ends flat or higher, all three major U.S. indexes will post double-digit percentage gains for the year.

''Most of the institutions are not going to trade and that makes it kind of tough, but the Apple SEC filings will probably drive some of the news today,'' said Kim Caughey, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh, Pennsylvania. ''We don't see any big reason for a sell-off. It's been a very good year, and ... overall the economy is strong and we think that the indexes reflect that.'' Standard&Poor's 500 futures were up 0.2 points, about even with fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

Dow Jones industrial average futures were down 8 points, and Nasdaq 100 futures were up 3.5 points.

Apple shares jumped 4 percent to .15 before the opening bell as the company said in a regulatory filing that Chief Executive Steve Jobs, who was aware of or recommended certain stock options grant dates, did not receive any financial benefit from improper option grants.

Shares of Alltel Corp., the fifth-largest U.S. wireless operator, were up 3.2 percent in early electronic trade at .20 after the Wall Street Journal reported private-equity firms are exploring the idea of a leveraged buyout for the company.

Exxon Mobil Corp., the world's largest publicly traded oil company, filed a legal appeal challenging Alaska's decision to start revoking leases for a long-dormant natural gas field in the North Slope of the state that it says may hinder plans for a pipeline.

On the economic front, the New York National Association of Purchasing Management releases its area business survey for December at 9 a.m.

U.S. markets will be closed on Monday for New Year's day and the Nasdaq will be closed on Tuesday to mark the death of former U.S.

President Gerald Ford. The New York Stock Exchange has not announced if it will close on Tuesday.

REUTERS DKS VV1946