US stocks head for higher opening

US stock index futures pointed to a higher market open on Monday with investor sentiment bolstered by news of a record $18.8 billion stock offering by Visa Inc and a renewed $2 billion offer from videogame maker Electronic Arts for rival Take-Two.

Visa Inc. disclosed in a government filing early Monday that it estimates it will raise up to almost $18.8 billion from its upcoming initial public offering. That would make it the biggest U.S. IPO in history.

Software stocks will likely rise after video game publisher Electronic Arts Inc made an unsolicited $1.9 billion offer for smaller rival Take-Two Interactive Software on Sunday.

Take-Two shares surged nearly 47 percent to $25.50 before the opening bell.

The futures contract for the Dow Jones industrial average rose 24 points, or 0.2 percent, to 12,419. Futures contracts for the Standard & Poor's 500 gained 2.10 points, or 0.1 percent, to 1,357.6 and the Nasdaq 100 advanced 1.5 points, or 0.1 percent, to 1,782.5.

Last week, the Dow inched up 0.27 percent, the S&P 500 index rose a modest 0.23 percent and the Nasdaq composite index dipped 0.79 percent. But the three indexes are all down sharply since the start of 2008.

Later in the morning, the National Association of Realtors' existing home sales report for January will be released. Investors have become used to bad news about the housing sector but the report nonetheless could upset the market if it's particularly disappointing.

The Thomson/IFR estimate is that 4.85 million homes were sold last month, which would be a decrease from a record low of 4.89 million in January.

(Agencies)