Preopen Trading: Can it Be? Futures Point to Positive Open

Up and at 'em!

Oh, it's a beautiful day -- just look at futures. Yes, they are actually indicating we could have a positive opening.

The S&P 500 futures on the Globex lately were up 7 points to 1259, about 11 points above fair value as calculated by Prudential Securities. The thinly traded Nasdaq 100 futures were up 38 to 2095, or about 33 points above fair value as calculated by TheStreet.com.

Texas Instruments(TXN Quote) is falling 2.2% in preopen trading after it warned that its first quarter will be worse than expected.

EMC(EMC Quote), which tumbled last week after it warned that its 2001 sales could fall below forecasts, this morning was in recovery mode on Instinet, up 75 cents to $45.75.

The badly beaten mobile phone makers, which fell steadily last week on fears of earnings warnings, were lately making gains and helping to lift Europe's major indices. France's CAC-40 was rising 1.7%, Germany's Xetra Dax was jumping 2.1% and the U.K.'s FTSE 100 was inching 0.2% higher. Japan's Nikkei 225 lost 0.3% overnight, while Hong Kong's Hang Seng slipped 0.3%.

For more on the world stock markets, check out TheStreet.com's global indices information.

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