* J.C. Penney up in premarket, Ackman resigns from board
* Retail sales data on tap, seen rising 0.3 percent
* Yum Brands lower as sales in China fall steeply
* Futures up: Dow 63 pts, S&P 4.6 pts, Nasdaq 11.25 pts
By Ryan Vlastelica
NEW YORK, Aug 13 U.S. stock index futures rose
on Tuesday, tracking overseas markets higher as investors sought
bargains following an extended period of weakness.
* The S&P 500 has fallen for five of the past six sessions,
and last week posted its worst week since June. Those declines
came on light volume as investors found few reasons to buy with
major indexes near record highs and earnings season winding
* Economic data has also been mixed, raising questions about
the Federal Reserve's monetary stimulus program, which the
central bank said it could begin to ease next month if economic
growth meets its targets. The policy has been credited with
fueling the S&P's gain of nearly 19 percent so far this year.
* The July read on retail sales is due at 8:30 a.m. on
Tuesday, with sales seen rising 0.3 percent. July import and
export prices will be released at the same time, with both seen
* J.C. Penney Co rose 4 percent in premarket trading
after the retailer said William Ackman has resigned from its
board. Ackman, who runs the hedge fund Pershing Square, has been
pushing Penney to oust its chairman and chief executive.
* U.S. futures tracked overseas strength, with European
shares rising for a fourth straight day and nearing
their highs of the year. Shares in China were modestly
* S&P 500 futures rose 4.6 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 63
points and Nasdaq 100 futures rose 11.25 points.
* Yum Brands Inc fell 3.5 percent to $71.85 in
premarket trading as China sales for the fast food chain
operator slid 13 percent in July.
* With 90 percent of the S&P 500 having reported, 68 percent
of companies have topped earnings expectations, while 24 percent
have missed. JDS Uniphase Corp is the only S&P 500
company scheduled to report quarterly results on Tuesday.
* Based on Monday's close, the S&P 500 is 1.2 percent below
its all-time high, reached earlier this month.
* The Dow and the S&P 500 dipped on Monday, extending recent
losses, but gains in Apple Inc and BlackBerry
kept the Nasdaq slightly higher.