OK, we know you like to read TheStreet.com for your investment advice.

So here you go.

If you've got anything to do today, if you think you need to talk to your broker, if you've got the kids' college fund tied up in some obscure B2B and need to get out quick -- you better do it before 3:00 p.m. EDT today.



Intimate Brands


, parent company of a little clothing concern called

Victoria's Secret, will be hosting a Webcast of the lingerie company's new line of "clothing".

We put "clothing" in quotes because some of this stuff is as close to clothing as, say, Saran Wrap.

Now, we can't say for sure that a lot of brokers will be tuned in to this little ditty, but...oh, what are we saying, they'll all be watching!

But before all this happens, the market has a few things to work out on its own. First of all will be the opening bell. In early action, the

S&P 500 futures were quoted down 4.5, about 2 points below fair value. The

Nasdaq 100

June futures contract was off 2.5, suggesting some very modest selling pressure at the open.

Most of the earnings are done, but there are still a few companies left to report.


(ADSK) - Get Report


Network Appliance

(NTAP) - Get Report

will both release their results today.

Before the bell, several stocks are on the move, according to


. Potential merger partners




Terra Networks


were both higher this morning after getting the tar knocked out of them yesterday.


(MAT) - Get Report

, after naming a new CEO yesterday and surging higher, was continuing those gains this morning and was up 1/4 to 13.

Yesterday's After-Hours Trading

By Angela Privin
Staff Reporter




, you really, really Lycos.


Terra Networks


merger that has everyone buzzing has kept Lycos in the top three of the most-active list on


. First the rumors, then the deal, now earnings.

Lycos' third-quarter earnings were 7 cents a share, 2 cents better than analysts' expectations. Postclose traders liked it. They lifted the Internet portal 2 53/64 to 60 11/32 on 220,000 Island shares. (For more on the earnings, see the

story from


joint newsroom.)

In its first day of trading as a married man, Lycos plummeted 15 1/64, or more than 20%, to 57 39/64. Analysts at

ABN Amro

TheStreet Recommends


UBS Warburg

downgraded the fourth-most-popular U.S. search engine after its heady run-up of more than 75% to 80 1/4 since rumors of a merger started last Wednesday.

UBS Warburg was wary of Terra, which has yet to produce a profit and is subject to fluctuations of the troubled euro. The sugar mama was also downgraded by

Merrill Lynch

, which questioned the premium the Spanish Internet service provider paid for Lycos shares and its ability to sustain projected growth.

"We would not be surprised to see Terra shares to face downward pressure from concerns about valuation, integration, the recent expiration of share lock-ups and dilution related to the rights offering. While the combined entity will have a large global footprint, we think cultural and managerial integration of the two companies could pose a challenge longer term," Merrill said in a research note.

Merrill also thought that the deal would be good news for Lycos shareholders due to the premium to recent trading levels.

Investors scrambled to buy EGGS. Profitability tastes sweet and



is going to have some bacon for its omelet in early 2002. It is going to do this by growing revenue by 40 to 50% in 2001. The company plans to emphasize higher gross margins and lower losses instead of primary revenue growth, said a press release.

Meanwhile, in the second quarter of fiscal 2000 Egghead earned about $145 million, little changed from $147 million last quarter.

Egghead.com was formed in 1999 when it was bought by Onsale (which then changed its corporate name to Egghead.com) to hawk new and surplus computer products, consumer electronics, sporting goods and vacation packages on its auction site, Onsale.com.

The California online retailer was on the top of the Island menu this evening, edging down 15/64 to 5 11/164 on 185,000 Island shares and down 7/64 to 5 45/64 on 78,000 shares on Instinet.

Five-dollar shares were all the rage this evening as traders filled their pockets with

Opus 360


, up 1/8 to 4 5/8 on 150,000 Island shares. The New York-based company is like a B2B dating service for businesses. It matches up short-term professionals, like consultants and freelancers, with company projects.

There is no news to explain the move, nor does anyone at Opus know what is sparking the interest. Opus reported earnings on May 10, and watched its shares stall at a flat 5 7/8. Today the company reached a 52-week low as shares dropped 5/16, or 6%, to 4 1/2.

A penchant for stocks below 5 was a discernible theme this evening, as the top three stock on Island were all little guys.

A recent


article pointed out that stocks trading below 5 were a good value, but can lead to low employee morale and rule out the possibility of acquiring other companies.

While these companies slip below the radar of institutional investors and analysts, they seem to be the darlings of the after-hours crowd.



traded up 15/32 on 150,000 Island shares, which is a mountain for a stock that is lately hovering at 2 29/32. Traders decided to gamble on the Florida communications company after it announced just before the bell that agreed to distribute its Grapevine public Internet appliance to two national and regional public communications providers, BekTel and TU. The two distributors currentlly use Elcotel's product line for wireline and wireless communications networks. The company's product line includes payphone terminal technology like software systems to manage and control networks.

The two distributors will demonstrate Grapevine's cashless ATM and e-commerce features at a conference in Las Vegas.

The Grapevine is a telephone with a tiny computer screen. Just take a

look. It comes in wireless and desktop versions, like a melding of a cell phone and a palmtop computer.

Illegato? No, but definitely shady. Palo Alto, Calif.-based storage software company,



revised downward results for fiscal 99 after it was revealed that some of its salespeople made some unauthorized side deals that precluded the reporting of revenues for those transactions. That announcement overshadowed first-quarter fiscal results and sent the name 3 1/16 lower to 12 15/16 on only 20,500 Island shares.

MCI WorldCom


sprang 2 51/64 to 44 51/64 on 50,000 Instinet shares tonight on no apparent news after falling 1 to 42 by day on no apparent news. Sometimes the phone just rings and no one picks up. Check out the

Tish Williams

column on WorldCom and the telco gang.


(VRTS) - Get Report

surfed up a further 1 3/16 on yesterday's news that its data storage software would be used by


(IBM) - Get Report

. It has had a nice ride, rising almost 7% on the news and continuing to milk the IBM cow after hours, up to 112 3/16 on 9,000 Island shares.

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 7 a.m. to 8 p.m. EDT.



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