Stocks set for uneasy start
Futures point to weak open ahead of durable goods report; oil prices extend decline.
NEW YORK (CNNMoney.com) -- Stocks were poised for a cautious start Wednesday amid a dramatic drop in oil prices.
Less than three hours before the open, Nasdaq and S&P futures were narrowly higher, although a comparison to fair value suggested a lackluster open for Wall Street.
Stocks rose Tuesday, as falling oil prices and a stronger dollar helped boost sentiment.
Oil prices extended their decline Wednesday. U.S. crude tumbled $1.93 to $126.92 a barrel in electronic trading.
The economic calendar is fairly light, with only a report on durable goods orders on tap at 8:30 a.m. ET. Economists surveyed by Briefing.com forecast that durable orders fell by 1.5% in April, accelerating the 0.3% slide in March.
Stocks to watch include Exxon Mobil (XOM, Fortune 500), which faces disgruntled shareholders, including members of the Rockefeller family, at its annual meeting today.
The Wall Street Journal reported that Bear Stearns plans to hand over documents to the Securities and Exchange Commission showing that several Wall Street firms, including Goldman Sachs (GS, Fortune 500), cut their exposure to Bear in the weeks leading up to its collapse.
Computer maker Dell (DELL, Fortune 500) suffered a setback late Tuesday when a New York state judge ruled it engaged in repeated false and deceptive advertising of its promotional credit financing and warranty terms.
General Electric (GE, Fortune 500) CEO Jeffrey Immelt told a group of business leaders in Korea Wednesday that Korean electronics and appliance maker LG Electronics is one of the leading candidates to buy GE's appliances unit that was recently put up for sale.
Merger talks between UAL Corp.'s (UAUA, Fortune 500) United Airlines and US Airways (LCC, Fortune 500) appear to have fallen apart, the New York Times reported late Tuesday. The two had hoped the cost savings provided by a deal would help them cope with high fuel prices, but problems combining labor contracts could delay those savings and have become the stumbling point in the merger talks, according to the report.
In another sign of trouble in the airline industry caused by record jet fuel prices, JetBlue Airways (JBLU) announced after the close Tuesday it will significantly slow its fleet growth. The airline said delivery of 21 new Airbus jetliners will be delayed by four to five years. It also announced plans to issue $160 million worth of debt that can be converted into stock. Shares of JetBlue tumbled nearly 5% in after-hours trading on the news.
In global trade, Asian stocks tumbled. European shares rose in midday trading. 
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