* Alcoa profit tops Wall Street estimates
* Europe shares rise after comments from Portugal official
* Futures up: Dow 47 pts, S&P 5.5 pts, Nasdaq 12.25 pts
* For up-to-the-minute market news see []
(Adds quote and Sears outlook, updates prices)
By Ryan Vlastelica
NEW YORK, Jan 11 (Reuters) - U.S. stock index futures rose
on Tuesday as fourth-quarter earnings season began with a
profit from Alcoa that topped Wall Street targets and as
concerns over European debt eased.
Alcoa Inc <AA.N>, the first Dow component to report, posted
a quarterly profit late Monday that topped expectations, though
revenue missed estimates. Alcoa also forecast a 12 percent rise
in demand this year. For details, see []
"Alcoa's demand outlook was very optimistic, and the fact
that it beat on the bottom line sets the stage for other
companies to beat," said Cort Gwon, director of trading
strategies and research at FBN Securities in New York.
Alcoa's shares dipped 0.7 percent to $16.37 in premarket
trading but have gained 25.5 percent since the start of
December. Stocks have rallied in recent weeks in part on hopes
of a strong earnings season.
European shares rose 1 percent as reassuring comments from
Portugal's prime minister eased worries about the country's
debt level. U.S. and European stocks were pressured on Monday
on concerns the country would need a bailout. []
"The comments out of Portugal suggest they won't ask the EU
for any aid, at least not right now," Gwon said. "That's
reassuring, and it will allow the market to focus on U.S.
earnings instead of sovereign debt."
S&P 500 futures <SPc1> rose 5.5 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 <DJc1> added 47
points, and Nasdaq 100 futures <NDc1> rose 12.25 points.
The S&P has found technical support near its 14-day moving
average, which is around 1,264. The index closed at 1,269.75 on
Monday.
Supermarket chain Supervalu Inc <SVU.N> is set to report
results on Tuesday, and bellwethers Intel Corp <INTC.O> and
JPMorgan Chase & Co <JPM.N> will report later in the week.
Both Sears Holding Corp <SHLD.O> and Tiffany & Co <TIF.N>
raised their earnings outlooks, citing strong sales.
[] and []
Chevron Corp <CVX.N>, the second-largest U.S. oil company,
was set to give an early look at its fourth-quarter production
numbers, along with an indication of its quarterly results.
U.S. wholesale inventories for November will be reported at
10 a.m. (1500 GMT) on an otherwise light day for economic data.
Inventories were expected to gain 1.0 percent after a 1.9
percent rise in October. Estimates for November ranged from
0.5-2.0 percent in a Reuters poll.
On Monday, U.S. stocks recovered most of their early losses
in light volume to end slightly lower as prospects for strong
earnings helped counter worries about Portugal.
(Editing by Padraic Cassidy)
