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NEW YORK - US stock futures rose on Tuesday, with investors likely to snap up shares of technology bellwethers after a broker research firm raised its price target for Google Inc to US$850 (S$1230). In addition, crude oil set another record at US$96.44 a barrel before the market's open, which should boost shares of oil companies including Exxon Mobil Corp. 'I see value in equities,' said Mr Michael Darda, chief economist at MKM Partners LLC in Greenwich, Connecticut. 'I like the cyclical equity sectors that are leveraged to global growth. Energy, materials, technology, industrials, telecoms. These have been the leaders, and I think they will continue to be. I think all those areas are attractive.' S&P 500 futures rose 5.7 points and were above fair value, a formula to evaluate pricing taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures climbed 45 points, and Nasdaq 100 futures rose 10.25 points. Research In Motion Ltd, the maker of BlackBerry devices, was another tech company in focus after a brokerage raised its recommendation. Citigroup has hired veteran financial expert Richard Stuckey to head a team that will focus on managing its subprime mortgage portfolio. On Monday Citigroup Inc rattled investors when it warned US$11 billion more in loan losses were expected from risky debt. Mr Stuckey helped to unwind the positions of failing hedge fund Long-Term Capital Management in the late 1990s. Google shares gained 1.4 per cent to US$736 before the bell. Sanford C. Bernstein raised its share price target for Google, the Web search company, to US$850, according to theflyonthewall.com. Bear Stearns increased Internet media company Yahoo Inc's price target to US$34 from US$30. Shares of Research In Motion gained 1.6 per cent to US$130.05 before the bell after theflyonthewall.com reported that Credit Suisse had raised its rating on the stock. Also underpinning tech optimism was the spectacularly successful debut on the Hong Kong stock market of Alibaba.com , which nearly tripled in price on Tuesday. China's largest e-commerce firm raised US$1.49 billion. Shares of Yahoo, an investor in Alibaba.com, were up 2 per cent at US$31.98 before the bell. The dollar dropped to a record low, which could underpin shares of exporters such as plane maker Boeing Co and heavy-equipment maker Caterpillar Inc . Exxon Mobil shares gained 1.1 percent to US$88.59 before the bell. -- REUTERS
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