Raging markets may rest

NEW YORK (CNNMoney.com) -- Stocks appeared to be looking for direction early Thursday, the day after yet another record high close for the Dow Jones industrial average and a strong earnings outlook from Dow component Hewlett-Packard.

Stock futures were lower in early trading, although a comparison to fair value, which predicts the direction of stocks at the open, pointed to a flat or mixed start to the trading day.

After the close Wednesday No. 1 personal computer maker HP (Charts, Fortune 500) reported improved earnings excluding special items as it raised the lower end of its profit guidance for the current period and said it is looking to be the first technology company to top $100 billion in revenue this year. Shares of HP gained 1.1 percent in after-hours trading on the news.

The Wall Street Journal reported that negotiations Wednesday night seemed to be moving toward a $19.4 billion purchase of radio broadcaster Clear Channel Communications (Charts, Fortune 500) by a pair private-equity firms.

But the Journal also reported that another media merger appeared stalled as the board of its parent company Dow Jones (Charts) met without taking any action on the proposed $60 a share bid for the company by News Corp. (Charts, Fortune 500)

Low fare airline AirTran Holdings (Charts) announced early Thursday that holders of nearly 57 percent of Midwest Air Group (Charts) stockholders now back its hostile bid for the Milwaukee-based air carrier. AirTran also announced it had extended its tender offer for Midwest Air until June 8.

Investors will hear the latest on the subprime mortgage market from Federal Reserve Chairman Ben Bernanke speaking at a banking conference in Chicago. They also get figures on weekly initial jobless claims in a report due at 8:30 a.m. ET, followed by a 10 a.m. report on the index of leading indicators and the Philadelphia Fed's reading on manufacturing in its region, due at noon.

Oil prices were higher in early trading, topping the $63 a barrel mark, after a forecast from AAA that holiday car travel is likely to rise over year-ago levels despite the record high gasoline prices. U.S. light crude gained 52 cents to $63.07 a barrel in electronic trading.

Shares in Asia closed mostly higher, although Japan's Nikkei slipped 0.2 percent at the close. The Bank of Japan left interest rates unchanged. Shares of Sony (Charts) gained, lifting electronics stocks across the region, following its' strong revenue guidance after the market close there Wednesday. Meanwhile stocks in Europe were slightly higher in early trading.

Treasury prices were higher, taking the yield on the 10-year note to 4.70 percent from the 4.71 percent level reached late Wednesday. The dollar was higher against the yen and the euro.