August 4, 2014 / 12:15 PM / in 3 years

US STOCKS-Futures rise after selloff with earnings in focus

* Michael Kors shares rise as revenue soars

* Diamond Offshore weighs on Loews earnings

* Futures up: Dow 51 pts, S&P 7 pts, Nasdaq 14 pts

NEW YORK, Aug 4 (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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