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* U.S. stock index futures track European stocks higher
* Verizon/AT&T may make break-up bid for Vodafone -report
* February factory orders expected to show solid rise
* Goldman Sachs downgrades Hewlett-Packard, shares fall
* Futures up: Dow 48 pts, S&P 6.3 pts, Nasdaq 19.25 pts
By Ryan Vlastelica
NEW YORK, April 2 (Reuters) - U.S. stock index futurespointed to a higher open on Tuesday, suggesting a rebound fromthe previous session and again putting the S&P 500 withinstriking distance of its all-time intraday high.
The benchmark index last week set an all-time closing high,but has thus far been unable to reach its intraday record of1,576.09, an important psychological level for investors.
While moves may be limited this week ahead of the U.S.monthly payrolls report on Friday, investors will be looking tothe latest economic data for signs of economic strength.
February factory orders are scheduled for release at 10 a.m.(1400 GMT) and are seen rising 2.9 percent, compared with a 2percent drop in the previous month.
The Institute for Supply Management-New York's March indexof regional business activity is due at 9:45 a.m. U.S. carcompanies will report March sales on Tuesday, and a Reuters pollforecast total vehicle sales at 15.32 million last month.
"We've had significant pockets of strength in the data, butalso some weakness. If we can see some broad-based expansion ofgrowth, that would be very beneficial for markets," said OliverPursche, president of Gary Goldberg Financial Services inSuffern, New York.
S&P 500 futures rose 6.3 points and were above fairvalue, a formula that evaluates pricing by taking into accountinterest rates, dividends and time to expiration on thecontract. Dow Jones industrial average futures added 48points and Nasdaq 100 futures rose 19.25 points.
A weak reading on U.S. manufacturing sparked a decline inMonday's session, though other indicators have pointed to astrengthening U.S. economy and helped push both the Dow and S&Pto record highs last week.
Telecommunication shares will be in focus. VerizonCommunications and AT&T have been working togetheron a breakup bid for British mobile operator Vodafone , according to the Financial Times' Alphaville blog.
Verizon and AT&T, both Dow components, were not active inpremarket trading, but U.S. shares of Vodafone gained 4.7percent to $29.67 before the bell. The stock was one of thebiggest boosts among European shares, which rose 1percent.
European shares bounced back after a two-week slide and witha blue chip index breaking above a resistance level, as the M&Aactivity helped lift sentiment.
Healthcare stocks will also be in focus as planned cuts inU.S. government payments for private Medicare Advantage insurersdid not materialize. Humana, which derives abouttwo-thirds of its revenue from Medicare Advantage business,soared 9.6 percent to $82.20 in premarket trading.
The S&P is up 9.5 percent so far this year while the Dow isup more than 11 percent. While investors view market momentum aspositive, many are also calling for a pullback given the sizeand swiftness of recent gains.
"We take money off the table on days when we see rallies ofabout 1 percent," said Pursche. "We think things are gettingoverstretched."
Hewlett-Packard Co slumped 4.1 percent to $22.36 inpremarket trading after Goldman Sachs downgraded the Dowcomponent, saying it expects the company's earnings power tocome under pressure. Goldman has a $16 price target on thestock, which implies downside of more than 30 percent from HP'sMonday closing price.
Goldman Sachs also removed Apple Inc from itsConviction Buy list, though it affirmed its "buy" rating on thestock. "We believe Apple may find it difficult to hit consensusexpectations in the March and June quarters," the bank wrote toclients.
BGC Partners late Monday said it would sell itseSpeed platform to Nasdaq OMX Group for $750 million incash. Shares of BGC soared 40 percent to $5.40 before the bell.
