U.S. stock futures pointed to a higher open at the start of trading Thursday with Oracle likely to drop after reporting disappointing earnings yesterday. Sentiment could change, however as economic growth reading will be reported an hour before the opening bell.

On Wednesday, U.S. stocks dropped on renewed credit concerns after after news that the Clear Channel deal may be stalled due to financing issues. Declining durable goods orders didn't help sentiment and markets ended up declining with a day that exhibited patterns only too familiar as of late, a surge in commodity prices while the dollar weakened. The Dow industrials dropped 109 points, or 0.88%, the Nasdaq Composite lost 16 points, or 0.71%, and the S&P 500 fell 11 points, or 0.88%.

Today, several more economic readings will help shape the session, especially with the final reading on fourth-quarter gross domestic product -- due out at 8:30 a.m. EDT -- which is expected to remain the same as previous reading and show a 0.6% economic growth, a near standstill, and the weakest pace in five years. The deepening housing slump has probably tipped the U.S. economy into a recession. The situation may not be much better in 2008 as consumer spending has slowed and business investment and the housing market has continued to decline. Despite actions taken by the Federal Reserve and the government, these measures' effect will be a while in stimulating the economy and may not do so soon enough to avoid recession.

Also at 8:30, the Labor Department will release its weekly initial claims report.

Overseas, Asian markets were mixed, but Europe has been higher by midday.

Oil futures rose this morning despite the dollar strengthening somewhat, although remaining near lows.

Companies in the news this morning:

Oracle Corp. (NASDAQ: ORCL) shares are down nearly 7% in premarket trading after the software giant announced fiscal third-quarter earnings inline with expectations, but missed on the revenue side as well as on its sales forecast. Oracle's earnings rose 30% from a year ago, but the missed sales forecasts could indicate that businesses are spending less on technology due to the economy.

Meanwhile, after Clear Channel Communications (NYSE: CCU) sued the banks from puling out of their agreement to finance the deal, a Texas judge ordered them to fund the proposed $19 billion buyout of Clear Channel by private equity firms. CCU shares are up over 8.6% in premarket trading as a result.

Finally, of companies reporting earnings today, Lennar Corp. (NYSE: LEN) said it swung to a first-quarter loss of $88.2 million, or 56 cents a share, with revenue dropping 62% to $1.06 billion. This is its fourth loss in a row and from what the company said, market conditions continued to deteriorate. Still, the company came ahead of expectations.