Futures Surge Amid Hopes for Greece Bailout

Futures pointed to a higher open Friday after French President Nicholas Sarkozy hinted at a deal to resolve the Greek debt crisis following a meeting with German Chancellor Angela Merkel.

Merkel and French Sarkozy said at a press conference on Friday said that they were united behind a new aid package for Greece that would include voluntary private sector participation on the basis of the so-called "Vienna Initiative."

The news came after Greece's prime minister appointed Evangelos Venizelos as finance minister on Friday, replacing the unpopular George Papaconstantinou.

Back in the United States, investors will watch out for the University of Michigan’s consumer sentiment index for June which is due at 9.55 am New York time.

The Conference Board Leading Economic Index for May is out at 10 am.

Vice-President Joe Biden said on Thursday that the debt talks are aimed at achieving $4 billion in cuts over the next ten years.

Lawmakers will meet again next week as the talks continue.

RIM plunged almost 20 percent in pre-market trading to trade at its lowest level since 2006 after the BlackBerry maker posted revenue below its own forecast, forcing it to slash its outlook. Citigroup downgraded the stock to "sell" from "hold" while JPMorgan lowered its rating from "overweight" to "neutral." MKM Partners cut its price target on the firm to $32 from $62.

ING shares jumped more than 4 percent on news that its online banking operation would be sold to Capital One Financial in a deal worth $9 billion in cash and stock.

BJ's Wholesale jumped after private equity firms Leonard Green and CVC Capital confirmed it will submit a joint bid for the warehouse club.

Bankrate is set to make its trading debut after pricing its IPO at $15 per share, in the middle of the expected range of $14 to $16.

European stocks gainedand were poised to snap a sixth straight week of losses on hopes a solution for Greece's debt crisis was looming.

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