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Futures rise after selloff with earnings in focus

[August 04, 2014] NEW YORK (Reuters) - U.S. stock index futures bounced back on Monday following the largest weekly decline on the S&P 500 since 2012, as a scant U.S. economic calendar kept the focus on earnings and Portugal was poised to bail out its largest publicly traded bank.

Portugal will spend 4.9 billion euros ($6.58 billion) to rescue Banco Espirito Santo, its largest listed lender, testing the euro zone's resilience to another banking crisis just months after Lisbon exited an international bailout.

Michael Kors reported a 43 percent rise in quarterly revenue, sending its shares up 2.7 percent in premarket trading.

S&P 500 e-mini futures were up 7 points and fair value - a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract - indicated a higher open. Dow Jones industrial average e-mini futures rose 51 points and Nasdaq 100 e-mini futures added 14 points.

Conglomerate Loews Corp posted a 57 percent drop in quarterly profit on lower earnings from Diamond Offshore Drilling, one of the world's top five offshore rig contractors. Diamond shares fell 4.9 percent in light premarket trading.

Diamond was also downgraded and its price target was cut by Deutsche Bank, alongside similar bearish calls on Ocean Rig, Seadrill, Rowan Cos and others in the sector.

(Reporting by Rodrigo Campos; Editing by Bernadette Baum)

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