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Stock Market Today: Futures Climb Amid Reports of $80B Bid for Time Warner

NEW YORK (TheStreet) -- U.S. stock futures were marching higher Wednesday as the first acceleration of China GDP in the last three quarters bolstered the international markets and Time Warner  (TWX - Get Report) soared on reports that it's being courted by media giant 21st Century Fox (FOX - Get Report).

Dow Jones Industrial Average futures were rising 54 points, or 55.32 points above fair value, to 17,042. S&P 500 futures were gaining 7.5 points, or 8.67 points above fair value, to 1,975.5. Nasdaq futures were adding on 21.5 points, or 26.9 points above fair value, to 3,934.

Time Warner shares were jumping more than 16.5% to $82.95 in premarket trading as Rupert Murdoch's 21st Century Fox reportedly approached Time Warner recently with an $80 billion takeover offer. Time Warner turned down the offer.

IBM (IBM) shares were tacking on more than 2% and Apple (AAPL) was popping more than 2.5% after Big Blue signed an exclusive deal with Apple aimed at bringing a slew of new business apps to the mobile market.

China's economic growth numbers were garnering much attention with a 7.5% gain in GDP, highlighting that the government's stimulus strategies are working.

In the U.S., the Producer Price Index for June rose 0.4% vs. the expected 0.2%. The U.S. economic docket Wednesday also includes industrial production and capacity utilization for June at 9:15 a.m. EDT, the NAHB Housing Market Index for July at 10 a.m., and the Fed's Beige Book for July at 2 p.m.

At 10 a.m., Federal Reserve Chair Janet Yellen begins a second day of her semiannual monetary policy testimony to Congress, speaking before the House Financial Services Committee on Wednesday. Major indices trembled and the Nasdaq slid Tuesday after Yellen commented that some sectors of the markets, notably biotech and social media, were overvalued.

Bank of America (BAC) was retreating more than 1% after reporting a 43% drop in second-quarter net income to $2.3 billion, driven down by a decline in mortgage revenues and surge in legal costs tied to the sale of mortgage-backed securities during the financial crisis.

Stocks drawing attention Wednesday also include Intel (INTC), Yahoo! (YHOO) and Hershey (HSY). Hershey said it's raising prices for most of its products about 8%, on average. Yahoo! agreed to hold onto more Alibaba shares, once the e-commerce giant goes public on the New York Stock Exchange in what is expected to be the largest-ever initial public offering in the United States. Intel, the chip giant, said second-quarter earnings jumped 40%, topping Wall Street forecasts, as revenue rose 8% to $13.83 billion.

-- Written by Andrea Tse in New York

Follow @AndreaTTse

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