* Intel climbs in premarket on earnings, outlook
* Bank of America profit drops; stock slips before bell
* Time Warner rebuffs $80 bln bid from 21st Century Fox
* Futures up: Dow 54 pts, S&P 6.5 pts, Nasdaq 20.25 pts
By Chuck Mikolajczak
NEW YORK, July 16 U.S. stock index futures rose
on Wednesday, after better-than-expected economic data in China
and ahead of the latest batch of corporate earnings.
* The world's second-largest economy grew 7.5 percent in the
second quarter, just above the 7.4 percent estimated by
analysts, supported by the Chinese government stimulus.
* Also supporting early gains was chipmaker Intel,
which rose 5 percent to $33.30 in premarket following
second-quarter results that topped analysts' estimates. The
company also forecast third-quarter revenue above Wall Street's
* Bank of America shed 0.9 percent to $15.67 in
premarket after the second-largest U.S. bank by assets reported
a 43 percent drop in second-quarter profit as mortgage revenue
fell and litigation costs increased.
* IBM will partner exclusively with Apple Inc
to sell iPhones and iPads loaded with applications
geared at enterprise clients this fall, the companies announced
late Tuesday. IBM shares gained 2.2 percent to $192.59 and Apple
advanced 2.5 percent to $97.72 in premarket.
* But Yahoo shares were off 3.7 percent to $34.30
after its disappointing second-quarter results and outlook,
although the company pledged to pay its shareholders at least
half the proceeds from Alibaba Group Holding Ltd's IPO-BABA.N
mega-IPO this fall.
* Merger and acquisition activity continued on Wall Street.
Time Warner shares jumped 13.1 percent before the bell
after the New York Times reported Twenty-First Century Fox
made an $80 billion takeover offer for the company that
was turned down.
* Italy's GTECH will buy U.S. slot machine maker
International Game Technology for $6.4 billion including
debt. IGT shares jumped 10.1 percent to $17.07 before the
* S&P 500 e-mini futures were up 6.5 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 54 points and Nasdaq 100 e-mini futures
added 20.25 points.
* Economic data expected on Wednesday includes producer
prices for June at 8:30 a.m. (1230 GMT), June industrial
production at 9:15 a.m. (1315 GMT) and the National Association
of Home Builders/Wells Fargo housing market index for July at
10:00 a.m. (1400 GMT).
* After the closing bell, eBay and SanDisk
are among S&P 500 companies due to report earnings.
* S&P 500 companies' profits are expected to grow 5.2
percent in the second quarter, according to Thomson Reuters
data, down from the 8.4 percent growth forecast at the start of
April. Revenue is seen up 3.2 percent.
* European equity markets recovered from losses in the
previous session as a rebound in Banco Espirito Santo
and in mining stocks lifted the region's bourses.
* Asian stocks held steady after China reported economic
growth that was just ahead of market expectations, drawing a
sigh of relief from investors.
(Editing by Bernadette Baum)