Preopen Trading: Can it Be? Futures Point to Positive Open

Up and at 'em!

Oh, it's a beautiful day -- just look at futures. Yes, they are actually indicating we could have a positive opening.

The

S&P 500 futures on the

Globex

lately were up 7 points to 1259, about 11 points above fair value as calculated by

Prudential Securities

. The thinly traded

Nasdaq 100

futures were up 38 to 2095, or about 33 points above fair value as calculated by

TheStreet.com

.

Texas Instruments

(TXN) - Get Report

is falling 2.2% in preopen trading after it warned that its first quarter will be worse than expected.

EMC

(EMC)

, which tumbled last week after it warned that its 2001 sales could fall below forecasts, this morning was in recovery mode on

Instinet

, up 75 cents to $45.75.

The badly beaten mobile phone makers, which fell steadily last week on fears of earnings warnings, were lately making gains and helping to lift Europe's major indices. France's

CAC-40

was rising 1.7%, Germany's

Xetra Dax

was jumping 2.1% and the U.K.'s

FTSE 100

was inching 0.2% higher. Japan's

Nikkei 225

lost 0.3% overnight, while Hong Kong's

Hang Seng

slipped 0.3%.

For more on the world stock markets, check out

TheStreet.com's

global indices information.

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