The futures have come off their best levels of the morning, perhaps signaling some weakness at the open, while Cisco (CSCO) - Get Report has shed a little bit strength in preopen trading.

The

S&P 500 futures on

Globex

lately were down 1.3 to 1418.5, 1 point below fair value. The thinly traded

Nasdaq 100

futures were down 4.5 to 3448 after trading higher earlier.

Cisco was down 3/4 to 62 on

Instinet

and down 1/2 to 62 1/4 on

Island

after late yesterday topping third-quarter estimates by 1 cent a share.

Midsession in Europe, the U.K.'s

FTSE 100

was up 0.5%, Germany's

Xetra Dax

was off 0.8% and France's

CAC 40

was down 0.6% (see today's

European Midday Update for more). Overnight in Asia, Japan's

Nikkei 225

slipped 0.8% and Hong Kong's

Hang Seng

tumbled 1.9% (see today's

Asian Markets Update for more).

Elsewhere in preopen trading,

Maxim Integrated Products

(MXIM) - Get Report

was down 1 9/64 to 62 1/2 on Island despite its addition to the

S&P 500

.

IBM

(IBM) - Get Report

was down 5/8 to 108 3/8 on Instinet despite upbeat comments late yesterday from CEO Louis Gerstner.

Last Night's After-Hours Trading

By Angela Privin
Staff Reporter

The market fried in its own grease today, but the sizzle was stemmed after the bell. Things cooled off as

Island

breezes blew modest gains to its denizens.

Cisco

(CSCO) - Get Report

looked crispy after getting burned this week. It lost 5 on Monday and steamed up the rest of the tech sector, as they followed its leader lower.

Today, in anticipation of the Internet giant's after-hours financial results, the company ended unchanged at 62 3/4. While some analysts doubted that Cisco could keep up its consistent growth, earnings did not disappoint, and could be the springboard for a tech bounce tomorrow.

The computer networking giant's third-quarter earnings of 14 cents per share bettered Wall Street estimates by a penny.

TSC's

own David Shabelman noted in today's

Nothing but Net column that Cisco had a track record of beating analyst earnings estimates by a penny. It has done so for nine consecutive quarters.

Cisco started the evening in the red, but recovered as the company began its conference call. The company called this the best quarter they had in three years and said that its acquisitions and alliances were paying off.

During the third quarter, Cisco swallowed up Aironet Wireless Communication, Pirelli Optical Systems, Altiga Networks, Compatible Systems and Growth Networks and partnered with

SBC

(SBC)

, a provider of data communication and network integration.

Frisky Cisco's voracious appetite for smaller companies may cause margins to slip, the company also warned investors. And a component shortage could also threaten future income as the San Jose-based company depends on small suppliers for some of its components.

Maxim Integrated Products

(MXIM) - Get Report

was tonight's mystery mover. The analog-chip maker lost 2 1/2 to 61 3/4 on 49,000 shares on Island after giving up 10% of its value today on no particular news and no apparent rumors.

Maxim, a maker of linear and mixed-signal integrated circuits, was promoted by

Standard and Poor's

from its

S&P MidCap 400

to the more closely watched

S&P 500

after the close of trading today. The technology company replaces

Jostens

(JOS)

, which makes yearbooks and class rings.

On the day of the S&P news, the company closed 3 13/16 lower and tonight, as Maxim takes its place among the S&P's handpicked darlings, it again plummeted 1 49/64 to 61 7/8 on 830,000 shares on Island.

Traders seemed maxed out on Maxim. Perhaps it was all those mixed signals.

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.

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.