Yesterday's solid earnings results from fiber optics highflyer
has that stock bouncing in preopen action, and the rest of the sector appears poised for a strong open based on those results. The company bested earnings estimates by 2 cents, reporting earnings of 18 cents a share and a 23% gain in
revenue on a year-over-year basis.
In preopen trading, the stock recently traded at $82.38, up $7.94 from the previous day's close, and it was one of the most actively traded on
. Chief competitor and fiber optic giant
was also stronger in early action, gaining $4.83 to $74.82.
The market's direction today hinges on the 8:30 a.m. EDT release of the third quarter
Gross Domestic Product release.
Economists expect a third-quarter growth rate of 3.4%, down from 5.6% in the second quarter. A strong report could allay some concerns about an economy skidding to a halt; a weak report would be less positive for the market.
S&P 500 futures are traded at 1381.20, about 7 points above fair value. The
futures are rolling, traded at 3265, or 70 points above fair value, indicating a stellar open for the tech-heavy index. Equity action has been mixed to bad in recent weeks, though, and significant rallies have proven to be selling opportunities through this entire month.
has not been damaged in preopen trading, despite last night's report that the company and the FBI are investigating a computer break during which officials believe hackers stole the software maker's source code. The company has been aggressively attempting to protect its code in litigation with the
In Europe, where they don't care about baseball so much, Paris'
gained 89.32 to 6297.74, while Frankfurt's
rose 131.41 to 6899.31, a 1.9% gain. London's
gained 60.70 to 6363.
In Asian markets, Hong Kong's
closed down 93.78 to 14902.46, while the Nikkei 225 dropped 276.23, or 1.86%, to 14582.20.
For more on last night's action, see Thursday's