Preopen Trading: Blame It on Oracle -- Stock Futures Point South
The Oracle(ORCL Quote) has spoken, and it doesn't sound good.
Last night's warning from the business software giant that its revenue and earnings would fall short of consensus estimates for its just-ended fiscal third quarter sent investors into a funk. Late in the day on Thursday, investors pulled stocks out of the toilet for an ascent into the close. Then came Oracle.
So it's no surprise that stock futures are pointing to a negative open. On the Globex exchange, where they trade, futures for the large-cap Nasdaq 100 were off 10, putting them about 22 points below fair value, as calculated by TheStreet.com. Futures for the S&P 500 
were 5 below fair value, as figured by Prudential Securities. Since fair value is a good gauge of how stocks will trade in early action, investors can brace themselves for another morning filled with losses. ...
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