Wall St to rise after selloff; earnings in focus

NEW YORK (Reuters) - U.S. stocks were set to bounce back at the open on Monday following the benchmark S&P 500's worst week since 2012, as a scant U.S. economic calendar kept the focus on earnings and Portugal was set 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.

Warren Buffett's Berkshire Hathaway Inc said Friday second-quarter profit soared 41 percent to a record high due to substantial investment gains and improved results in manufacturing, service and retail businesses. The company's class B shares gained 1.7 percent in premarket trading.

Shares of Michael Kors fell 2.9 percent in trading before the market opened. Earlier, the shares had jumped more than 10 percent following results that showed a 43 percent rise in quarterly revenue.

S&P 500 e-mini futures were up 4 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 27 points and Nasdaq 100 e-mini futures added 10 points.

The S&P 500 fell 2.7 percent last week, its biggest percentage drop since the week through June 1, 2012.

Shares of Pike Corp soared almost 50 percent in premarket trading on news investment firm Court Square Capital Partners and Pike's chief executive, J. Eric Pike, will take the company private for about $383 million.

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 4.7 percent in light premarket trading.

Diamond was 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.

(Editing by Bernadette Baum)