* Tech shares may rebound after Cisco results
* Fiscal cliff, Europe could still drive trading
* October retail sales data on tap, seen down 0.2 pct
* Futures up: Dow 48 pts, S&P 6.7 pts, Nasdaq 17.5 pts
By Ryan Vlastelica
NEW YORK, Nov 14 U.S. stock index futures rose
on Wednesday, indicating that equities would rebound after a
series of weak sessions on strong results from Cisco.
* The S&P 500 has fallen 3.8 percent over the past five
session, with most of those losses driven by uncertainty over
looming U.S. "fiscal cliff" demand and persisting concerns over
Europe. The index closed below its 200-day moving average for a
fourth day in a row on Tuesday, a technical indicator that
suggests recent declines could gain momentum.
* Cisco Systems Inc reported first-quarter earnings
and revenue late Tuesday that beat expectations, sending the
stock soaring 8.3 percent to $18.25 in premarket trading
Wednesday. The Dow component also forecast flat earnings and
slower revenue growth for the current quarter.
* The results could boost sentiment over the technology
sector, where shares have dropped almost 10 percent in
value over the past two months, dragged down by earnings
disappointments from key names like Google. Tech was
the worst-performing sector on Tuesday.
* Still, macroeconomic issues will likely still play a major
role in trading direction as investors continue to grapple with
Europe's debt crisis and the fiscal cliff, a series of mandated
tax hikes and spending cuts that start to take effect next year.
* Analysts say serious fiscal negotiations are still weeks
away, but that the failure to reach a deal in Congress could tip
the world's largest economy into recession.
* S&P 500 futures rose 6.7 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 48
points and Nasdaq 100 futures rose 17.5 points.
* European shares were 0.5 percent lower as
Greece's unresolved debt crisis continued to raise questions
about the region's growth potential, while anti-austerity
strikes across southern Europe added to concerns that measures
to deal with the debt would be politically difficult to
* International Monetary Fund Managing Director Christine
Lagarde said on Wednesday she expected a real fix for Greece
that included debt sustainability, rather than a quick fix.
* Tyco reported adjusted fourth-quarter earnings
that missed expectations. NetApp Inc, Staples Inc
and Abercrombie & Fitch are on tap to report
* October retail sales are on tap for release at 8:30 a.m.
ET (1330 GMT) and are seen dropping 0.2 percent. In September,
sales climbed 1.1 percent. Also, the latest FOMC minutes will be
released Wednesday afternoon.
* U.S. stocks fell in a volatile session Tuesday, pressured
by Microsoft Corp which fell after the surprise
departure of a key executive. However, retail names outperformed
after Home Depot raised its outlook.