S&P futures vs fair value: +1.6. Nasdaq futures vs fair value: +1.5.

Early indications are pointing to a slightly higher open for stocks as investors sift through more M&A news; but there isn't a lot of conviction on the part of buyers as the lack of any distinctly negative news is also helping to keep an underlying bid in equities.

Alcan (AL) is recommending shareholders reject Alcoa's (AA) $27.6 bln hostile takeover bid, but hasn't ruled out the possibility of actually making a bid for Alcoa and is reportedly in merger talks with BHP Billiton (BHP). Also, Crescent Real Estate Equities (CEI) agreed to be acquired by Morgan Stanley (MS) for about $2.3 bln while Payless ShoeSource (PSS) said it will pay $800 mln for Stride Rite (SRR).