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Futures Pointing Slightly Higher After Friday's Flop

Citigroup was the first big name to report earnings this week, blasting past estimates.

It would be nice to say that, now that the weekend is over, everything that happened on Friday has been completely forgotten.

It would be nice.

It would also be wrong.

Friday was a

real bad day, no matter how you slice it and the stock market looks like it will have a less-than-stellar opening. As of now, the

S&P 500

June futures contract was trading up about 5, which is about 3 points above fair value. The thinly traded

Nasdaq 100

June contract was quoted up 38.5.

While these numbers don't suggest that weak an opening, futures have moved well off their lows throughout the morning. And, according to

Instinet

, several of tech's biggest names were inching a bit higher before the bell. Names including

Qualcomm

(QCOM) - Get Qualcomm Inc Report

,

Cisco

TheStreet Recommends

(CSCO) - Get Cisco Systems, Inc. Report

and

Sun Microsystems

(SUNW) - Get Sunworks, Inc. Report

were all trading higher this morning.

While a stronger-than-expected CPI shouldered a good deal of the blame for Friday's selloff, there are few big economic releases this week. Instead, the market will likely focus on earnings. This morning,

Dow

component

Citigroup

(C) - Get Citigroup Inc. Report

reported first-quarter earnings of $1.04 a share versus the 20-analyst estimate of 78 cents.

There is a huge list of companies expected to report

today and an even more impressive list for this

holiday-shortened week.

Friday's After-Hours Trading

By Angela Privin
Staff Reporter

Hope is a four-letter word. And tonight, come Hell or high water, late-night lurkers kept curses at bay with the hope that markets can recover. Many big losers were up in the postclose session.

Hearts and records were broken today. While the Comp fell 356, or 10%, to 3321 and the Dow dropped 616, or 6%, to 10,307, the number of cigarette butts littering Wall Street, just outside the

New York Stock Exchange

rose significantly.

While volatility defined this week's sessions, the market was consistent in its downward path. With merciless selling, the Nasdaq had little chance to come up for air this week. The panic culminated in the worst single day fall in Nasdaq history and the second-worst percentage drop. Two trillion dollars leaked out of the market this week, leaving the former momentum market stunned and scratching its head.

Large-cap stocks were the most notable victims of Friday's massacre.

Yahoo!

(YHOO)

, off 15%,

Broadvision

(BVSN) - Get BroadVision Inc. Report

, off 26%, and

CMGI

(CMGI)

, off 21% led net names lower.

Microsoft

(MSFT) - Get Microsoft Corporation Report

and

Intel

(INTC) - Get Intel Corporation Report

added a combined 78 points to the Dow's negative side.

Oracle

(ORCL) - Get Oracle Corporation Report

,

Qualcomm

(QCOM) - Get Qualcomm Inc Report

and

JDS Uniphase

(JDSU)

all dropped more than 10%.

Tonight, market-watchers will play a game of stock market limbo, asking themselves, how low can it go? While day session investors slumped over stiff drinks at the neighborhood bar, late night lurkers boosted beleaguered large caps.

Typically, Fridays are quiet after hours, but today's calamitous session magnified the silence, sending echoes of volatility through the empty hallways of

Island

.

Instinet

was far more robust. The traders brave enough to play in the post apocalyptic market bought hopefully as they have done all week, only to see their shiny new shares fall precipitously in the following day session.

Like a good kid,

Sun Microsystems

(SUNW) - Get Sunworks, Inc. Report

just said no to day-session losses, squeaking out a 1/4 point gain, while all its friends on the Nasdaq plummeted. Last night, Sun released earnings of 26 cents a share, better than both estimates and last year's quarter. Revenues crossed the $4 billion barrier for the first time ever. That news was enough to make Sun last night's big winner and one of the only bright spots in a bleak picture.

Tonight, Sun rose on both Instinet and Island, gaining 2 to 78 1/2 on 294,000 shares on the former and 1 9/16 to 78 1/2 on 68,000 shares on the latter.

The aforementioned Microsoft and Intel were also up after-hours. Mister Softee rose 1 1/2 to 75 5/8 on 357,000 shares on Instinet and 15/16 to 75 on 17,000 shares on Island. Mister Chips rose 1 7/8 to 112 3/8 on 271,000 shares on Instinet and 5/8 to 111 on 19,000 shares on Island.

Cisco

(CSCO) - Get Cisco Systems, Inc. Report

, remained the most active Nasdaq stock into the evening, but reversed its slide in the wee hours, popping 15/16 to 57 15/16 on 754,562 shares on Instinet and 1 1/4 to 57 3/4 on 88,000 shares on Island.

Nets were weaker, with both Yahoo! and BroadVision falling after hours. Yahoo! fell 13/16 to 115 on 33,000 on Island and 1 to 115 on 130,000 shares on Instanet.

Oracle and Qualcomm rose 1/16 to 63 1/16 on 32,000 shares and 19/32 to 105 15/16 on 48,000 shares respectively on Island, while Oracle dropped 5/16 to 63 1/2 on 390,000 and Qualcomm edged up 1 5/8 to 106 1/4 on 210,000 shares on Instinet.

JDS Uniphase fell 1 9/16 to 78 1/8 on 33,000 shares on Island, also dropping 1 41/64 to 77 63/64 on 100,000 shares on Instinet.

A glint of hope sparkled in a three lettered stock. The

Nasdaq 100

tracking stock, or QQQ, rose 1/2 to 80 on 97,000 shares on Instinet, giving the choice four letter word of nighttime traders, two legs to stand on.

This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY) . For further information, please contact Instinet at www.instinet.com.

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EDT.

Confused?

TheStreet.com

explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.