* Q2 GDP revised downward, but not as much as expected
* Bernanke to speak on economy
* 3PAR accepts Dell buyout offer
* Futures up: Dow 62 pts, S&P 7.5 pts, Nasdaq 12.5 pts (Updates with GDP data)
By Ryan Vlastelica
NEW YORK, Aug 27 (Reuters) - U.S. stock index futures pointed to a higher open on Friday as a better-than-expected reading on second-quarter economic growth relieved investors ahead of a speech from Federal Reserve Chairman Ben Bernanke.
Gross domestic product slowed more sharply than initially thought, held back by the largest increase in imports in 26 years, but the reading was better than forecast and came after a string of bearish reports.
"Recent economic data has been so very weak, but the GDP numbers today show that this may not be the end of the world," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati, Ohio. "We are seeing a relief rally because we saw a lot of selling coming into it. But I see this more as a short-term bounce."
Bernanke will speak at 10 a.m. EDT (1400 GMT) at a retreat for central bankers at Jackson Hole, Wyoming. He may discuss prospects for the world's biggest economy but isn't expected to offer clues on whether the Fed will pump more cash into the economy to keep the recovery going.
If Bernanke does suggest that economic conditions warrant additional aggressive easing, analysts expect an equities sell-off.
"Saying he's ready to take additional steps would be a double-edged sword," said James Meyer, chief investment officer at Tower Bridge Advisers in West Conshohocken, Pennsylvania. "It would say that the economy is in weaker shape than we thought, and who knows how effective the measures would be. But at the same time, we might rally in the short term because it's a sugar high."
S&P 500 futures rose 7.5 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 gained 62 points, and Nasdaq 100 futures were up 12.5 points.
3PAR Inc accepted a $1.8 billion buyout offer from Dell Inc, even after Hewlett-Packard Co raised its own bid for the data storage company to $1.8 billion late Thursday. 3PAR shares gained 11 percent to $28.87 in premarket trading.
Luxury retailer Tiffany & Co edged up 11 cents to $42.15 after it reported higher quarterly profits and raised its full-year earnings forecast.
Boeing Co pushed back delivery of its first 787 Dreamliner by several weeks to the middle of the first quarter of 2011 due to delays in a Rolls-Royce engine needed for final flight testing.
Shares of the Dow component slid nearly 1 percent to $60.80 before the bell.
Also on tap Friday, the Thomson Reuters/University of Michigan Surveys of Consumers' final August consumer sentiment index reading is due at 9:55 a.m. EDT (1355 GMT). Economists look for a reading of 69.6, a repeat of the previous number.
The Dow closed below 10,000 points on Thursday, the first time it ended below that psychologically important level since July 6.