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Stock Market Story: Retail Sales Not So Good

NEW YORK (TheStreet) -- Stock futures were giving back some gains Wednesday after a weaker-than-expected retail sales report. They continued to point strongly to a higher open on Wall Street after a short-term period of consolidation as investors shook off geopolitical jitters.

S&P 500 (SPY) futures were rising 6.75 points, or 7.75 points above fair value, to 1,937.25. Dow Jones Industrial Average (DIA) futures were advancing 47 points, or 53.46 points above fair value, to 16,566, while Nasdaq (QQQ) futures were up 14.8 points, or 16.48 points above fair value, to 3,918.3.

U.S. retail sales came in lower than the consensus, unchanged in July and up 0.1% excluding autos, the Census Bureau reported ahead of the bell. The flat reading was mainly attributable to drops in autos, furniture, electronics, general merchandise and non-store retailers.

June business inventory levels will be released at 10 a.m. The Census Bureau is expected to report a retail sales increase for the sixth straight month and a 0.4% rise in business inventories.

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Also, New York Federal Reserve Bank President William Dudley and the dovish Boston Fed President Eric Rosengren will both be speaking at a wholesale funding risks workshop in New York Wednesday morning.

Read More: European Stocks Rebound, Ignoring Gloom, Possible Deflation

In individual stock news, King Digital (KING - Get Report), maker of the addictive Candy Crush video game, reported weaker second-quarter revenue than analysts expected. Gross bookings fell by $30 million, or 5%. Earnings per share were 59 cents on revenue of $594 million, short of the expected $608 million. King shares were plummeting 21.32% to $14.32 in premarket trading.

Ahead of its IPO, Chinese Internet behemoth Alibaba (to trade as BABA) restructured its relationship with payments processor Alipay, reducing Alibaba's risk in financial services but assuring it of receiving hefty fees. Alibaba is partially owned by Yahoo! (YHOO - Get Report), whose stock rose 1.66% in premarket trading to $36.11.

Amazon (AMZN - Get Report) says it will operate a mobile payments system to compete with Square and other payments systems. Amazon Local Register will process credit cards and payments through smartphones and tablets. The stock was up 2.67% to $327.86.

FleetCor Technologies (FLT - Get Report), the fuel card and payments provider, will buy payments processor Comdata from Ceridian for $3.45 billion. FleetCor shares were adding on nearly 2% to $132.

Read More: Stock Market Story: Stocks Finish Flat as Markets Consolidate

--By Andrea Tse in New York

Follow @AndreaTTse

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