The stock market looks to open weaker this morning as Microsoft (MSFT) - Get Free Report and the Justice Department got red marks from Judge Thomas Penfield Jackson for "not playing well with others."
This weekend, the software giant and the feds announced that they just couldn't get along. That leaves the ball in Judge Jackson's court and he is expected to make a ruling against Microsoft this week.
For more on the case, take a look at
own Angela Privin's
story from this weekend.
So, how bad's it going to be for Mister Softee? Well, if early indications hold out, the stock will be down about 10 1/4 points when the market opens, according to
. That decline won't be too good for either the
Dow Jones Industrial Average
Nasdaq Composite Index
Other stocks likely to be in the news this morning include:
, which received approval from an FDA panel for a new drug for Parkinson's Disease, and beleaguered
, which is continuing to try and find a financial savior.
Not expected to help the U.S. stock market this morning is the news out of Japan that 62-year-old Prime Minister
suffered a stroke this weekend, slipped into a coma and is being kept alive by a respirator. Japanese markets held up pretty well today, but there are worries about the rest of the week. For more on Japanese stocks, take a look at
Futures were singing the blues this morning, as well. The
June futures contract was recently trading down 5.30 to 1510. Fair value is measured at 0.08, suggesting a weaker opening. The thinly traded
June contract was down 110 to 4347.35.
Friday's After-Hours Trading
"Houston, we have a problem."
Due to technical difficulties, all quotes received from
electronic communication network were accurate as of 5:03 p.m. EST. Trading data made during the remainder of Island's session, which lasts until 8 p.m., could not be gathered. Island did not return phone calls this Friday evening, so an official answer for the data outage could not be determined.
It's deja vu all over again.
in this very column, warrant in
traded at the top of
most-actives chart headed into the weekend. The interest in the company's warrants was due to a deal that would make
a business-to-business play in a potentially lucrative Chinese market.
Thursday night, Adatom announced the results of its fiscal 1999. Losses were $1.83 a share, much worse than last year's 23-cent loss. In a press release, the company cited losses due to merger costs, staffing increases and a big fourth-quarter splurge on advertising.
And even though earnings are nonexistent, other parts of the company's picture looked bright to investors, who sent the Adatom common stock up 1, or 17%, to 6 7/8 during the day session. Meanwhile, company warrants rose 7/32, or 13%, to 1 29/32. The company said revenues increased 229.7% from the previous year, advancing from $290,000 to just south of $1 million.
What are these warrants worth? Well, technically warrants are worth wherever they trade. But warrants are not like equities. A warrant is a piece of paper that allows the holder to purchase underlying stock, in this case a single common share of Adatom, at a certain price.
In this case, that price is $6.50 cents. To find out the entire cost of one common share of Adatom, add $6.50 to the price of the warrant. A caveat: warrants are tremendously volatile and therefore can be a very difficult investing choice.
So now that we're reunited with Adatom and its warrants (and it feels so good), let's examine what the company has done since last Friday. Both Adatom and its warrants have been sliding after spiking on last week's announcement about a deal in China. That is, until today.
Tonight, warrants in Adatom were back on top of the volume heap. They were up 3/32 to 2 on 208,000 shares on Island. And again, keep in mind that warrants are tremendously volatile.
, that cheeseball 80's sitcom starring a post-Pan Sandy Duncan, there were a pair of twins who could not be more different. The one named Mark was the good one -- sharper and slimmer than his counterpart Willie, who was thicker on both counts. During today's day session, there were plenty of Marks and even more Willies.
The notable Marks were
. All of these tech names rose 2% or more during the day session, rallying after being beaten back in recent activity.
Meanwhile, the notable Willies were
, with both names down at least 2% during the day.
Which side of the Hogan family did your stock end up on headed into the weekend?
Microsoft and Intel, two blue-chip components, each had great days, adding a combined 29 points to the Dow's positive side in a losing effort. Mister Chips had the better day, gaining 3.9%, while Mister Softee gained 2.8%. Tonight, those cups runneth over. Microsoft rose 25/64 to 106 41/64 on 223,000 shares on
, while Intel rose 9/16 to 132 1/2 on 179,000 shares.
Cisco, which is neck and neck with Microsoft for largest market cap, had a 5% gain while holding down the No. 2 spot on Nasdaq's most-actives list. It also managed to make a post-close gain on Instinet, adding 5/16 to 77 5/8 on 149,000 shares.
The most-active issue on Nasdaq, Veritas, wasn't so successful during the day, falling 9.8% in the wake of the
deal. After-hours investors gave the company a break, inching it up 1/4 to 131 1/4 on more than a million shares activity on Instinet.
JDS Uniphase had a great day, soaring 3.7%. Tonight was more of the same. It rose 2 3/16 to 122 3/4 on 103,000 shares on Instinet. Qualcomm also had a good night, gaining 43/64 to 149 63/64 on 109,000 shares after a 2.8% rise during the day.
Someone notify Gene Hackman.
had the night moves, despite a lackluster day-session slip of 3/8 to 78 1/16. It rose 1 7/16 to 79 1/2 on 148,000 shares.
As for Intuit and Linear Technologies, things looked less peachy. Intuit cut into some of its 6.8% day-session gain by stumbling 3% in the post-close period.
Linear Technologies stayed inept, chasing a day drop of 1 5/8 to 55 with a 2-point stumble.
This information is provided by Instinet, a wholly owned subsidiary of Reutersundefined. For further information, please contact Instinet at www.instinet.com.
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.