S&P GLBL CLN ENGY : Dow, S&P 500 futures drop on Lehman jitters

NEW YORK (Reuters) - S&P 500 and Dow Jones industrial stock index futures dropped on Wednesday as uncertainty about the outlook for Lehman Brothers flared anew after the U.S. investment bank posted quarterly results.

Shares of Lehman turned negative before the bell as the bank was unable to announce firm deals to raise desperately needed capital as losses stemming from the mortgage crisis mount.

S&P 500 futures fell 5.20 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures dropped 47 points and Nasdaq 100 futures rose 7.50 points.

(Reporting by Ellis Mnyandu; Editing by James Dalgleish)