* S&P 500 coming off biggest weekly decline since June
* Investors may seek bargains, but fiscal cliff a concern
* Apple shares up in premarket, settles patent dispute
* Futures up: Dow 24 pts, S&P 2.8 pts, Nasdaq 7 pts
By Ryan Vlastelica
NEW YORK, Nov 12 U.S. stock index futures edged
higher on Monday as upbeat economic data from China indicated a
slowdown in the country may be easing, though concerns remained
about the growth outlook in the United States and Europe.
* The S&P 500 fell 2.4 percent last week, the worst week for
the index since June, pressured by concerns over the fiscal
cliff, a combination of government spending cuts and tax
increases set to go into effect early next year unless Congress
acts to change the law before then.
* Though most consider it unlikely that no deal will be
reached, analysts fear going over the cliff could push the
economy back into recession.
* Still, the magnitude of last week's losses may spur some
investors to seek bargains in beaten down sectors like energy
and industrial names.
* Data showed over the weekend that China's export growth
climbed to a five-month high above 11 percent, beating
expectations and adding to recent data suggesting the country's
seven straight quarters of slowing economic growth have ended.
* Also overseas, the Greek parliament on Sunday approved an
austerity budget for next year, a necessary step to unblock a
new tranche of credit from the European Union and International
Monetary Fund before the government runs out of cash. Still,
investors remain concerned about whether the EU and IMF will
agree to send the next tranche.
* S&P 500 futures rose 2.8 points and were above 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 added 24
points and Nasdaq 100 futures rose 7 points.
* Apple Inc rose 0.9 percent to $551.90 in
premarket trading after the company announced a global patent
settlement with HTC Corp, as well as a 10-year
licensing agreement. The settlement ends one of the first major
conflagrations of the smartphone patent wars. Apple shares have
been under pressure recently, dropping into bear market
* Yahoo Inc rose 1.1 percent to $17.45 before the
bell after Alibaba Group, of which Yahoo owns 24
percent, reported strong growth in its latest quarter.
* The latest U.S. quarterly earnings season is largely over,
though D.R. Horton and Jacobs Engineering are on
tap to report. According to Thomson Reuters data through Friday,
of the 449 companies in the S&P 500 that have reported earnings,
63.3 percent have topped analysts' expectations - slightly above
the 62 percent average since 1994, but below the 67 percent beat
rate over the past four quarters.
* Only 38.2 percent of companies have topped revenue
expectations, well below the 62 percent average since 2002.
* U.S. stocks rose on Friday, helped by strong consumer
sentiment data, but hardly made a dent in the week's losses as
investors turned their attention from the presidential election
to the coming negotiations over the fiscal cliff.