Futures were providing little direction for the stock market this morning after yesterday's bullish session on both the Dow Jones Industrial Average and the Nasdaq Composite.

Stock futures were mixed as the

S&P 500

June contract was recently quoted down 0.90, marginally lower than fair value. The

Nasdaq 100

June contract was recently up 6 to 3873, suggesting some very slight tech strength.

In early action, several stocks were posting some impressive gains on

Instinet

.

Sonera

(SNRA)

, benefiting from the recent strength of European telecom was recently quoted up 2 1/8 to 61. Also,

Siebel

(SEBL)

, following last night's news that it would be replacing

CBS

(CBS) - Get Report

in the S&P 500, was bid up about 12 3/16 to 135 1/2.

Yesterday's After-Hours Trading

By Angela Privin
Staff Reporter

It was a one-man show in after-hours

Island

ECN trading tonight.

Terayon Communications Systems

(TERN)

stole the spotlight but didn't have time for pictures or autographs as it sashayed higher on top of a whopping day-session gain of 36%.

The good news is that Terayon tap-danced a further 9 7/8 higher to 136 15/16; the bad news was that volume was pathetically thin, with only 31,076 shares traded on Island.

The cable-modem manufacturer is no stranger to big moves, and highflying times. After hitting a high of 277 5/8 on March 9 it slid 70%, closing April 24 at 79 7/8. On Feb. 17, Terayon's stock tallied at 204 1/16, jumping 67 3/16 after

George Gilder

said the company was "poised to repeat

Qualcomm's

(QCOM) - Get Report

remarkable success" in the field of code division multiple access, the telecom standard known as CDMA. Qualcomm rose more than 2,600% in 1999 on that success.

Gilder, a

Reagan

-era economist turned tech guru, sells a monthly newsletter picking companies whose technologies could transform the information economy.

Gilder Technology Review

publisher Richard Vigilante says the report considers only technology, without regard to valuations or market conditions, via a long-term perspective.

Actual news sparked today's advance in Terayon. According to a release, the company was chosen by a major Dutch cable television operator for a major broadband telephony rollout.

Casema

, which is owned by

France Telecom

(FTE)

, is the third-largest Dutch cable television operator, boasting more than 1.3 million subscribers. The company has been expanding its broadband services to include high-speed Internet access, video on demand and telephony, and will provide telephony services using Terayon's Multigate broadband voice-over-cable system.

Nothing could break Terayon's stride, not even news that it is a defendant in a class-action lawsuit.

Bermuda is famous for disappearing planes and boats in its mysterious triangle and businessmen who wear pert pastel shorts and knee socks to work. Perhaps it was the happy-go-lucky dress code that enticed Gary Cohen to join the Bermuda-based

Global Crossing

(GBLX)

after wearing pants for 22 years at

IBM

(IBM) - Get Report

. After managing IBM's telecommunications business, Cohen will be Global Crossing's chief operating officer, overseeing the communications carrier's network operations.

Global Crossing is currently constructing a global fiber optic network. The network uses the latest in fiber-optic technology with silly and futuristic-sounding names. The please-make-fun-of-me technology includes self-healing ring structures and erbium-doped fiber amplifier repeaters. We at

TheStreet.com

do not deign to make fun of companies that beg for it so shamelessly.

In addition to Gary Cohen, who will replace co-founder David Lee, when he leaves later this year, the company hired Joseph Perrone away from

Arthur Andersen

. Perrone will be the new senior vice president of finance after serving as the director of communications, media and entertainment for Arthur Andersen's metro New York operations. Perrone also directed Arthur Andersen's work for the Global Crossing IPO.

Additionally, the company is considering a possible sale of the local phone business that came with last year's acquisition of

Frontier

. The long-distance carrier said it has retained

Chase Securities

and

Merrill Lynch

to review strategic alternatives for the incumbent local-exchange carrier.

The communications company gained 10% during the day, up 3 5/16 to 34 13/16, and continued to trade higher after hours, tiptoeing up 1 5/64 to 36 on 40,000 shares on Island.

Like a nightmare date,

Immunex

(IMNX)

showed up late and acted depressed all night. Immunex crashed the top 20 most-traded list on Island after

Reuters

reported at 5 p.m. EDT that a cancer drug produced by the biopharmaceutical firm could destroy human liver cells.

Though the drug, known as TRAIL, destroyed cancer cells in mice, it could be dangerous to humans, said Stephen Strom, a researcher at the

University of Pittsburgh

, reported

Reuters

. Researchers found that the drug not only killed cancer cells but also 60% of healthy cells when tested on human liver tissue.

Immunex dropped 2 27/32 to 38 29/32 on 17,000 shares on Island.

RealNetworks

(RNWK) - Get Report

rocked out and up 2 11/16 to 50 3/4 on 18,000 shares on Island. This morning, the Internet music Web site announced partnerships with 45 new content providers for Real.com. The company's Take5 technology allows users to download music from its Web site. New partners include

Musicblitz

,

eMusic.com

and

Garageband.com

. The company also got down with

InfoLibria

, announcing after hours that it will use InfoLibria's MediaMall technology to improve its video and audio file distribution.

Good thing

Pacific Sunwear

(PSUN)

was dressed for the heat, because it headed way down South after hours. Curiously, the company announced a 33% increase in sales after the markets closed. The California retailer reported sales of $38.1 million for the four-week period ended April 30, compared to sales of 28.6 million for the same period last year.

April sales have been disappointing for many retailers due to the bad weather and late Easter. "The sales achieved during April were below plan as sales of summer seasonal merchandise were slower than expected," said Greg Weaver, the company's chairman and chief executive officer, in a press release. Weaver also expected first quarter earnings of 18 cents per share, matching Wall Street consensus estimates. Apparently, late-night traders thought the company's sales were as skimpy as its swimsuits, sending shares 9 5/16 lower to 26 1/2 on 90,000 Instinet 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.

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.