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has spoken, and it doesn't sound good.

Last night's warning from the business software giant that its revenue and earnings would fall short of consensus estimates for its just-ended fiscal third quarter sent investors into a funk. Late in the day on Thursday, investors pulled stocks out of the toilet for an ascent into the close. Then came Oracle.

So it's no surprise that stock futures are pointing to a negative open. On the


exchange, where they trade, futures for the large-cap

Nasdaq 100

were off 10, putting them about 22 points below fair value, as calculated by

. Futures for the

S&P 500 were 5 below fair value, as figured by

Prudential Securities

. Since fair value is a good gauge of how stocks will trade in early action, investors can brace themselves for another morning filled with losses.

Oracle was lately off 19.9% to $17.12 on


, the electronic brokerage where investors can get in their early-morning trades. Look for other tech names to have a rough day.



was off 12.6% in preopen action. And B2B player

Commerce One


was 5.9% lower.

Markets in Asia were lower -- now there's a shocker. The

Nikkei 225

was off 3.3% to 12261.81, and the

Hang Seng

was lower by 2.7% to 13966.40.

Grab a cafe au lait. Markets in Europe were trading higher, which is good news considering all the negative sentiment stateside. In Paris, the


was squeaking higher by 0.3% to 5358.65. The German


was up 0.5% to 6156, while the London-based


was essentially flat at 5910.6.

For more on the world stock markets, check out's

global indices information.

For Thursday's postclose trading, see The Night Watch.