Preopen Trading: Tech Shares Still Under Pressure

Chevron's(CHV Quote) successful bid for Texaco (TX Quote) attracted the most attention in preopen trading on Instinet.

Texaco was lately up $1.62 from Friday's close to $56.75, while Chevron was down $2.25 to $82. TheStreet.com wrote about the deal in an earlier story.

Preopen trading on Island was quiet, with eBay (EBAY Quote), which was down 25 cents to $55.88 on 2,000 shares, and BEA Systems (BEAS Quote), up 75 cents to $78 on 1,000, its two most popular stocks.

Nasdaq 100 futures on Globex indicate a negative opening. They lately were up 10 to 3285, about 30 points below fair value as calculated by TheStreet.com. S&P 500 futures were looking flat, up 2.3 to 1387 and matching fair value as calculated by Prudential Securities.

Europe's major indices were tentatively mixed at midsession, with France's CAC-40 up 0.2%, Germany's Xetra Dax off 0.6% and the U.K.'s FTSE 100 up 0.6%. Japan's Nikkei 225 jumped 1.2%, while Hong Kong's Hang Seng rose 2% (see today's Asian Markets Update for more).

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For Friday's postclose trading, see The Night Watch.