The U.S. indices may try to head higher at the open, rebounding from yesterday's massive selloff. The futures are looking strong despite a negative tone overseas.

The

S&P 500 futures on

Globex

lately were up 5.6 to 1388.2, almost 9 points above fair value. The thinly traded

Nasdaq 100

futures were up 16.5 to 3029.

US Airways

(U) - Get Report

was -- groan -- flying high in preopen

Instinet

trading. The stock last traded at 49 7/8, up hugely from yesterday's close of 26 5/16. Somewhere,

Julian Robertson is smiling.

United Airlines

parent

UAL

(UAL) - Get Report

, which is

acquiring US Airways for $60 a share, hadn't traded.

Europe's major bourses were mixed to lower, with France's

CAC 40

and Germany's

Xetra Dax

each down 1.5% while the U.K.'s

FTSE 100

gained 0.2% (see today's

European Midday Update for more). Japan's

Nikkei 225

fell 1.7% overnight, and Hong Kong's

Hang Seng

slumped 2.3% (see today's

Asian Markets Update for more).

Last Night's After-Hours Trading

By Angela Privin
Staff Reporter

Cover your eyes!

Island

ECN showed more gore than the opening battle scene in

Gladiator. Yes, the ugliness from today's day session, when the

Nasdaq

sank to its lowest level of the year, was continuing tonight. Late-night lurkers were taking those besieged tech names just a little bit lower.

Traders speared

Novell

(NOVL)

. The Utah provider of network directory software reported financial results today, and despite previous warnings of declining sales, and earnings that beat revised analyst consensus estimates, the stock fell. At night, it was giving back most of the day's pre-earnings gains of 9% or 13/16. It was lately down 11/16 to 9 3/32 on 190,000 Island shares.

Novell posted second-quarter earnings of 9 cents a share, which included a royalty that added 7 cents. The six-analyst estimate was a penny profit. The year-ago results were an 11-cent profit. Subtracting the royalty, earnings were 2 cents, still beating the consensus.

For more on Novell, take a look at the

story written by

TheStreet.com/NYTimes.com's

joint newsroom.

Cisco

(CSCO) - Get Report

, following Novell's lead, sunk both by day and night. It lost 8% today and was gracefully declining 7/64 to 50 1/2 on 83,000 shares.

Cisco is no penny stock that night traders can blow around at whim: It is a technology leader, and when it flags the sector starts to lose hope. Tonight it was no beacon of light, declining despite a morning announcement about adding more than 15 new customers.

Provant

(POVT)

isn't a tech stock; it is in the business of training and development. It lost almost a third of its value today, dropping 1 9/32 to 3 3/32.

No negative news spurred the slide; Provant simply got swept away in the wave of selling and continued to shed more precious value at night, staggering another 1/32 lower to 3 1/16 on 39,000 Island shares.

JDS Uniphase

(JDSU)

and

PMC-Sierra

(PMCS)

also had bad days. They were smacked 7% and 14%, respectively, today and didn't dare stray from the downtrend after hours. JDS Uniphase fell 11/16 to 78 1/2 on 30,000 Island shares. PMC-Sierra milked its pain, sagging 1 1/2 to 131 5/8 on 23,000 shares.

Echelon

(ELON)

gained on 2 3/16, or 4%, to 55 3/16 on a new strong buy recommendation by

Thomas Weisel Partners

,which set a price target of 80. The analyst boost came on news that the software and hardware company made a deal with an Italian electric utility company,

Enel

, worth $300 million. The deal uses Echelon technology to help Italian households gauge the use of their energy and will be installed in 27 million homes, or every home and building that uses electric heating.

But there was no escaping the death grip of the dark side. Interestingly, the stock fell 1 11/16 on Island to 53 1/2 on only 12,000 shares.

Like young Luke Skywalker, a few baby stocks dared to defy the Bearish Empire.

Covol Technologies

(COVL)

poked its head 3/32 higher to 1 3/4 on news that its pockets were $6.5 million fuller. The technology development company was promised the payment after two fuel plants were sold in January 2000. In the original sales agreement Covol received a cash payment from both facilities at the time of closing, with these additional milestone payments due to the company after the plants were relocated and reached specified commercial operational levels.

Covol intends to use $5 million of its allowance to further reduce its obligations to the OZ Master Fund. This payment will reduce Covol's total obligation from $15 million to approximately $9.6 million. The rest of the money will be spent on candy.

Sun Microsystems

(SUNW) - Get Report

decided it didn't look nice in red and began its late-night recovery. Sun rose 1 3/16 to 73 on 19,000 shares after starting the night session in negative territory. The lift is typical of evening traders, whose optimism typically illuminates the sport of dusk trading.

Xybernaut

(XYBR)

marches to the beat of its own drummer, as you would expect from a company that came up with a concept as wacky as wearable computing. Today the fashion-forward technology company announced that its subsidiary,

Selfware

, received a contract from the state of Tennessee's

Department of Transportation

to use a project management system, now implemented by six other states. The technology gives employees access to information in the field that reduces duplicate effort and saves money. Xybernaut rose 1/8 to 9 1/8 on 12,000 Island shares.

The French have a reputation of liking nobody, but they apparently like

Yahoo!

(YHOO)

even less. A French court order Yahoo! to pay damages of just over $1,000 to a union of Jewish students after Nazi merchandise was auctioned off on its site. Though the content was in English, it was available to French users and broke French law of selling items that incite racism. Yahoo! dropped 1/16 to 118 1/4 on 12,000 Island shares in after-hours trading.

Intuit

(INTU) - Get Report

, which supplies Web software products to small businesses, posted third-quarter earnings of 36 cents a share, topping the 15-analyst estimate of 33 cents a share and up from the year-ago 25-cent profit. It rose 1 3/16 to 28 1/4 to 48,000 shares on Instinet.

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.