Pancakes. Illinois.

Karloff's head. The morning market.

Yes, the category is things that are flat. The preopen futures activity is giving little indication of the opening trend, and the major stocks in last night's news are little changed.

The

S&P 500

futures on

Globex

lately were up 1.3 to 1458.3, just slightly above fair value but not enough so to indicate a positive open. The thinly traded

Nasdaq 100

futures were down 1.5 to 3875.

Lucent

(LU)

, which reported disappointing earnings

late yesterday, lately was up 1/4 to 52 3/4 on

Instinet

.

Sun Microsystems

(SUNW) - Get Report

, which

outperformed expectations, was up 1/16 to 86 5/8.

Excite@Home

(ATHM) - Get Report

was unchanged.

The major indices in Europe weren't moving much, either. The U.K.'s

FTSE 100

was up 0.1%, Germany's

Xetra Dax

was down 0.5% and France's

CAC 40

was off 0.1%.

Last Night's After-Hours Trading

By Eric Gillin
Editorial Assistant

Welcome to tell-and-show season.

This is that glorious time where a company tells how it did over the previous quarter, using an arcane system of mathematics known as accounting. Then, the market shows how it feels about these numbers by either hacking the company off at the knees or by blasting the stock into cold, thin air.

So, shall we have a quick run-down of some company "tells" and market "shows?"

Sure. It'll be fun!

Sun Microsystems

(SUNW) - Get Report

announced second-quarter earnings of 21 cents a share, edging the 20-cent

First Call/Thomson Financial

estimate and topping last year's 16 cents. No one seemed impressed. It fell 4 1/2 to 82 on 270,000 shares on

Island

ECN.

Along with the earnings release, Sun made a handful of other announcements including one about a deal with

Enron

(ENE)

.

Hmm ... Enron?

Yep. Enron isn't just for oil drilling anymore. Its

Enron Broadband Services

unit agreed to purchase $350 million in Sun computers and services to expand the Enron network to 2,000 locations worldwide.

Sybase

(SYBS)

announced fourth-quarter earnings of 31 cents a share, crushing the 21-cent estimate and last year's 18-cent loss. As a result of the margin of victory, Sybase leapt 4 23/32 to 23 15/32 on 650,000 shares on Island.

Lam Research

(LRCX) - Get Report

announced second-quarter earnings of 98 cents a share, which beat the 72-cent analyst prediction by more than a quarter. Investors rejoiced and sent the stock up 4 13/16 to 147 1/2 on 40,000 shares on Island.

Excite@Home

(ATHM) - Get Report

announced that fourth-quarter earnings were neither here nor there. They weren't anywhere. The company broke even, right in line with analyst picks.

The company closed its earnings conference call to journalists this evening. During the day, the stock was relatively flat despite news of an executive shake-up. Excite's now-former CEO Thomas Jermoluk left his post to become company chairman, giving the CEO title to President George Bell.

Excite fell 15/16 to 41 3/4 on 120,000 shares on Island.

Telular

(WRLS) - Get Report

was recently up 9/16 at 19 9/16 on 740,000 shares on Island ECN after announcing that it began shipping fixed wireless terminals to

Shanghai Alcatel Intelligent Terminal Equipment

. It seems that Telular's terminals will be used on the

Sichuan Unicom

network as part of a new Chinese wireless payphone system. This marks Telular's first foray into China's near-virgin telecommunications market.

Tonight's gain caps a day session move up 5 5/16, or 38.5%, to 19.

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EST.

.

MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Morgan Stanley Dean Witter Online, Mellon Bank's (MEL) Dreyfus Brokerage Services and clients of Salomon Smith Barney. Clients can trade 200 of the most actively traded New York Stock Exchange and Nasdaq Stock Market issues, 4:30 p.m. to 8 p.m. EST Monday through Thursday.

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.