It's all

Al

, all the time. A veritable

Greenspan

jamboree!

Okay, so there are a couple other things going on today, but they all pale in comparison to the unbridled enthusiasm created by all those Fed guys meeting in New York today. The

Federal Open Market Committee

is expected to announce at about 2:15 p.m. EST that it has voted to raise the fed funds rate by 25 basis points, to 6%.

If the Fed did nothing today or decided to boost rates by 50 basis points, the stock and bond markets could be in for a rocky day. Otherwise, everyone seems pretty resigned to the fact that rates will be raised.

There are also some earnings today.

Micron Technologies

(MU) - Get Report

and

Goldman Sachs

(GS) - Get Report

are both expected to announce today. Micron is estimated by 23 analysts to have earned 74 cents in its fiscal second quarter and Goldman is estimated to have earned $1.48 per share during the first quarter by 23 analysts.

Among the stocks to watch today,

3Com

(COMS)

was up 1 7/16 in after-hours trading after reporting better-than-expected earnings last night. Also,

MicroStrategy

(MSTR) - Get Report

, which got beat like a dog yesterday after restating its 1999 results, will be closely watched. Yesterday, MicroStrategy fell 140 points, or 62%, to close at 86 3/4.

For more on

MicroStrategy and

3Com, take a look at the two stories written last night by TheStreet.com/NYTimes.com joint newsroom.

In

Futurama, things looked to open quietly in the stock market. The

S&P 500

June futures contract was trading down 2.1 to 1476, right around fair value. The thinly traded

Nasdaq 100

June contract was off 15.5 to 4337.

Last Night's After-Hours Trading

By Eric Gillin
Staff Reporter

On this, the first postclose trading session of spring, a news-bearing

3Com

(COMS)

halted like a lamb and emerged an hour later like a -- lamb.

After gaining 9/16 to 68 9/16 ahead of tonight's third-quarter earnings release, 3Com surfaced from its hour-long halt at 5:06 p.m. EST and began trading heavily without moving much. Finally the ball began rolling shortly after 6 p.m. and 3Com got a boost. It was last up 1 3/8 to 69 15/16 on 160,000 shares on

Instinet

and up 11/16 to 69 1/2 on 390,000 shares on

Island

.

3Com announced third-quarter earnings of 27 cents a share, beating the 25-cent

First Call/Thomson Financial

TheStreet Recommends

estimate and the year ago 24 cents a share. As with most major earnings releases, the company had an awful lot to say while at the podium. 3Com said it put its analog PC card and modem businesses on the sales block. It also said it was exiting the high-end router and switching business, yielding to larger networkers like

Cisco

(CSCO) - Get Report

. And these two announcements come on the heels of its recent

Palm

(PALM)

spinoff.

With all this time on its hands, what is 3Com going to focus on? Tonight, the company said it is reorganizing its business, taking a $200 million to $300 million charge in doing so over the next two quarters. It also announced that it will buy closely held

Call Technologies

for $90 million.

And speaking of those Palm shares, 3Com said it will distribute them in its first quarter rather than in its second.

Did anyone catch the license plate of the truck that hit

Protein Design Labs

(PDLI) - Get Report

today?

Before March, this biotechnology name knew only one direction. It was the unstoppable juggernaut in an inspired sector. From Jan. 1 to the close March 7,

Protein Design Labs

(PDLI) - Get Report

rose 368% while dropping a mere five times in the entire month of February. Since hitting a record peak of 327 1/4 March 7, the company has blown a few gears and has been left with only two -- neutral and reverse. In the nine trading sessions since, it has dropped 59%, posting a gain during just one session.

Today, Protein Design Labs got blindsided by a truckload of sellers. It got hit hard and then bled by the side of the road, dropping 47 1/32, or 26%, to 134 1/8 during the day. Tonight, that truck kicked it into reverse.

Protein Design Labs was last off 26 7/8 to 108 on 44,000 shares on Island.

Tonight's news was more gas in the sellers' tanks, especially on the heels of today's hit and run. Shortly after the bell, the company announced that it lost a European patent claim on humanized monoclonal antibodies. The company plans to appeal the decision, but that legal battle could take years to settle. In the interim period, the latest patent decision will be suspended.

For what it's worth, tonight's selloff could be worse. Volume has been very light and with that a handful of ridiculous sell bids are pairing off with some insane buys. Most sell offers are well above the 120 level.

Earnings season, eh?

Ottawa's own

Corel

(CORL)

reported first quarter losses of 19 cents a share, which includes a gain of 10 cents a share from the sale of an equity interest in

GraphOn

. Essentially, that's a 29-cent loss, paling in comparison to last year's 24-cent loss. And however you add it up, Corel missed the one analyst estimate of a 16-cent loss.

Bad night, eh?

Corel fell 2 29/64 to 10 63/64 on 96,000 shares on Instinet and 2 3/4 to 10 17/32 on 286,000 shares on Island.

Traditionally, the first quarter has been a relatively weak one for Corel, so tonight's earnings numbers aren't that much of a shock. Still, the news isn't good, especially after Corel said that it expects results in the next two quarters to follow a very similar pattern to the first.

Despite a slight recovery in the postclose session, those investors with angry spouses can still get the couch ready for bedtime.

MicroStrategy

(MSTR) - Get Report

was last up 4 15/16 to 90 15/16 on 136,000 shares on Island. That's better, but not good enough to take the sting out of a day session loss of 140, or 61.7%, to 86 3/4.

The red-hot company blew up on news that it revised its 1999 earnings from a previously stated profit to a -- gulp -- loss.

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. EST. NOTE: Island, unlike Instinet and Archipelago, counts the buy side and the sell side of the same transaction as two separate trades. Island's reported volume figures thus are twice what they would be if Island followed the same convention as the other ECNs

.

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.