It's looking ugly overseas and ugly in the futures market, which usually adds up to an ugly start to the U.S. trading day.
S&P 500 futures
lately were down a big 19.1 to 1398.7, about 15 points below fair value and harshly negative for the open. The thinly traded
futures were down 82 to 4585.
It's all about the massive Asian selloff, with investors across that region battering tech stocks and the broader markets (see today's
Asian Markets Update for more). Japan's
skidded 2.8%, Hong Kong's
whistled down 4.1% and Taiwan's main index plummeted 6.6%. The picture was little better at midsession in Europe, with Germany's
down 3.5%, France's
down 3% and the U.K.'s
Action was limited on
announced a $9.3 billion acquisition of
, but neither had traded yet.
Friday's After-Hours Trading
David A. Gaffen
Because you can't, you won't and you don't stop, there are still people managing to rationalize doing some trading tonight, when most people are probably putting their teeth around a couple of cold ones after this whirlwind of a week.
You could add up the prices of the top nine most active stocks and multiply by 10, and you'd just about end up with the price of the 10th most active,
, lately traded at 135, down 1 1/16, on 91,000 Island shares.
SCB Computer Technology
is watching its stock surge on news that the state of Rhode Island (properly, "The State of Rhode Island and Providence Plantations") has awarded an SCB subsidiary a contract to oversee operations of an state network.
SCB Technology will oversee the technical operations of an Internet network solution to aid in the collection of child support payments; the state is host and administrator of the network on behalf of several states.
The network will replace the old method used by Rhode Island officials, which was to yell back and forth from one side of the state to the other.
The stock was Island's most active, up 1 1/8 to 3 3/4 on 1.85 million shares.
Diamonds are Forever
Mountain Province Mining
said today that it received modeled revenue and grade estimates for the Tuzo diamond pipe in the Northwest Territories in Canada.
In English, that means the average modeled grade of 1.22 carats per ton is greater than the initial sample result of 1.02 carats per ton, as the company first stated on Sept. 15, 1999. Which means lotsa' ladies are gonna get larger rocks (or at least, they're starting with something bigger to cut up).
Either way, the stock is up 1/4 to 1 1/8 on 796,000 Island shares.
Enough diamonds. Deal a few hearts.
Advanced Tissue Sciences
, which was originally developing a tissue patch to heal wounds, said Friday that it may be able to help the heart grow blood vessels that act as bypasses.
The patch, called Dermagraft, is made by seeding human skin cells on a biodegradable sheet. Like many other biotechnological wonders, the procedure's success to this point has been limited to animals -- pigs and mice. The patch is currently up for
Food and Drug Administration
approval, and the company is meeting with heart specialists to find human patients to test the product.
The stock, which rose 4 15/16 and closed at 12 1/8 today, was the 11th most active on Island, up 5/16 to 12 3/8 on 87,000 Island shares.
Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EST.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.