US STOCKS-Wall St flat, media stocks jump after AT&T ruling


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    * AT&T most traded stock after ruling
    * U.S. producer prices rise more than expected in May
    * Healthcare gains, telecoms lag on S&P
    * Indexes up: Dow 0.01 pct, S&P 0.03 pct, Nasdaq 0.17 pct 

 (Updates to open)
    By Sruthi Shankar
    June 13 (Reuters) - U.S. stocks were flat on Wednesday ahead
of the Federal Reserve's policy announcement, while media shares
got a boost from a court approval for AT&T's $85 billion
takeover of Time Warner.
    Shares of the HBO channel owner  TWX.N  jumped 3.6 percent
after the approval, which is expected to trigger a wave of
corporate mergers. AT&T  T.N  dropped 3.8 percent and weighed
the most on the S&P telecoms index  .SPLRCL , which fell 2.6
    Twenty-First Century Fox  FOXA.O  surged 7.8 percent as
Comcast Corp  CMCSA.O  is expected to outbid Disney  DIS.N  for
some of its assets. 
    "(The ruling) sounds like it opened the door for
consolidation, which should excite investors in that space,"
said Jack Ablin, chief investment officer at Cresset Wealth
Advisors in Chicago.
     At 9:55 a.m. ET, the Dow Jones Industrial Average  .DJI 
was up 3.68 points, or 0.01 percent, at 25,324.41, the S&P 500
 .SPX  was up 0.75 points, or 0.03 percent, at 2,787.60 and the
Nasdaq Composite  .IXIC  was up 12.94 points, or 0.17 percent,
at 7,716.74.
    Investors are awaiting the Fed's decision on monetary policy
at 2:00 p.m. ET. With the year's second interest rate hike
almost certain, market participants will look for signals on
whether the Fed will move to raise rates three or four times
this year.
    "Market pricing is fairly split between three and four hikes
this year, so it probably doesn't require a hawkish signal to
correct a mispricing," Deutsche Bank strategist Jim Reid wrote
in a note to clients.
    Investors are focused on how the Fed characterizes its
monetary policy as borrowing costs return to more normal levels
amid an ongoing economic expansion. Fed Chair Jerome Powell
holds a news conference after the decision.*:nL1N1TD1NR
    A Labor Department report on Wednesday showed U.S. producer
prices increased more than expected in May, leading to the
biggest annual increase in nearly 6-1/2 years, but underlying
producer inflation remained moderate.*:nLNSDHEEEN
    Six of the 11 major S&P sectors were higher, led by a 0.5
percent gain in the healthcare index  .SPXHC .
    Stryker  SYK.N  jumped 5 percent after the medical device
maker said it was not in talks to buy rival Boston Scientific
 BSX.N , following a media report of a potential deal between
the two.*:nL4N1TF44C
    Netflix  NFLX.O  rose 2.6 percent after Goldman Sachs
forecast that 2018 would be the peak negative-free cash flow
year for the company.*:nFWN1TF09I 
     Declining issues outnumbered advancers for a 1.08-to-1
ratio on the NYSE. Advancing issues outnumbered decliners by a
1.07-to-1 ratio on the Nasdaq.
    The S&P index recorded 36 new 52-week highs and two new
lows, while the Nasdaq recorded 99 new highs and 11 new lows.

 (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil
 ((; within U.S. +1 646 223
8780; outside U.S. +91 80 6749 6328; Reuters Messaging:

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