US STOCKS-Media, telecom shares lift futures; Fed awaited


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    * Futures up: Dow 0.14 pct, S&P 0.19 pct, Nasdaq 0.3 pct 

    By Sruthi Shankar
    June 13 (Reuters) - A court approval for AT&T's $85 billion
takeover of Time Warner lifted media and telecom shares on
Wednesday, helping U.S. stock futures ahead of the U.S. Federal
Reserve's policy announcement.
    Time Warner  TWX.N  jumped 3.9 percent in premarket trading
after the landmark ruling, which is expected to trigger a wave
of corporate mergers. AT&T  T.N  dropped 4.2 percent.*:nL1N1TE25F
    Twenty-First Century Fox  FOXA.O  surged 8.1 percent as
Comcast Corp  CMCSA.O  is expected to outbid Disney  DIS.N  for
some of its assets as early as Wednesday.
    Sprint  S.N , which is looking to merge with T-Mobile
 TMUS.O , was also up 3.4 percent.  
    At 7:23 a.m. ET, Dow e-minis  1YMc1  were up 36 points, or
0.14 percent. S&P 500 e-minis  ESc1  were up 5.25 points, or
0.19 percent and Nasdaq 100 e-minis  NQc1  were up 21.5 points,
or 0.3 percent.
    Investors are awaiting the Fed's decision on monetary policy
at 2:00 p.m. ET. With this year's second interest rate hike
almost certain, market participants will look for signals on
whether the Fed will move to raise rates three or four times
this year.
    "Market pricing is fairly split between three and four hikes
this year, so it probably doesn't require a hawkish signal to
correct a mispricing," Deutsche Bank strategist Jim Reid wrote
in a note to clients.
    Investors are focused on how the Fed characterizes its
monetary policy as borrowing costs return to more normal levels
amid an ongoing economic expansion. Fed Chair Jerome Powell
holds a news conference after the decision.*:nL1N1TD1NR
    U.S. Labor Department is set to release the producer price
index at 8:30 a.m. ET. Economists expect producer prices to gain
0.3 percent in May, after rising 0.1 percent in the month
    The S&P 500  .SPX  closed higher and the Nasdaq hit a record
intra-day high on Tuesday, boosted by gains in technology and
utilities stocks. 
    Among others, Netflix  NFLX.O  rose 1.3 percent after
Goldman Sachs forecast that 2018 would be the peak negative-free
cash flow year for the company.*:nFWN1TF09I 
    H&R Block  HRB.N  tumbled 17.7 percent after the tax
preparation service provider projected lower EBITDA margins for

 (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil
 ((; within U.S. +1 646 223
8780; outside U.S. +91 80 6749 6328; Reuters Messaging:

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