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US pre-open: Wall Street seen slightly up

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Date: Monday 12 May 2008

LONDON (ShareCast) - Wall Street is seen posting slight gains as oil prices retreated from record highs.

Across the markets, the Dow Jones is expected to rise 21 points to 12,765 with the Nasdaq seen up 1 point to 1964. The S&P 50 is due to begin 2 points higher at 1394.

Crude prices slid back down from earlier highs and are currently down 66 cents to $125.30 a barrel.

In corporate news, bond insurer MBIA saw first quarter losses of $2.41bn as it incurred hefty charges due to the continued weakness in the credit markets.

Wireless carrier Sprint Nextel said first-quarter losses more than doubled to $505m as the number of monthly subscribers fell.

Cablevision is apparently close to buying newspaper Newsday from Tribune Co. for $650m.

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