Nortel Networks

(NT)

was moving this morning on news from

The Wall Street Journal

that the company is in serious talks to sell its optical-parts unit to

Corning

(GLW) - Get Report

in what could be a deal worth more than $100 billion.

The stock was getting a bid of 83, up 1 3/4, on

Instinet

.

Also, reports that

VoiceStream Wireless

(VSTR)

agreed to a $50.7 billion cash-and-stock takeover by

Deutsche Telekom

(DT) - Get Report

were lifting VoiceStream 5 1/4 to 155 in preopen trading. Check out

TheStreet.com/New York Times.com

coverage.

Other movers this morning were

Lucent

(LU)

, up 3/8 to 51 1/2 and

JDS Uniphase

(JDSU)

, which was added to the

S&P 500

last week, was down 5/16 to 134 1/2.

The

S&P 500 futures on

Globex

lately were unchanged at 1489.5, about 3 points below fair value of 1492.5 as calculated by Prudential Securities for

TheStreet.com

.

Nasdaq 100

futures were up 1.5 to 3940.5, or about 6 points below fair value as calculated by

TSC

.

Europe's major indices were mixed at midsession, with France's

CAC 40

up 0.5%, Germany's

Xetra Dax

up 0.1%, but the U.K.'s

FTSE 100

down 0.2% (see today's

European Midday Update for more). Japan's

Nikkei 225

fell 1.6% overnight, while Hong Kong's

Hang Seng

dropped 1.5% (see today's

Asian Markets Update for more).

Elsewhere in preopen trading,

Island

had

Immunex

(IMNX)

trading at where it closed Friday at 57 3/4 on 2,000 shares.

Friday's After-Hours Trading

By Angela Privin
Staff Reporter

Online health site

drkoop.com

(KOOP)

rallied 54.5% after privately held

MillenniumHealth Communications

offered to buy it. The demure online doctor released a cool response to the overeager offer. It said that while it was considering the offer, Millennium's announcement of a transaction was "highly premature."

drkoop received a nonbinding letter of intent from MillenniumHealth, an Internet health-care information company, after news of the offer had already been made public Friday morning, reported

Reuters

.

TheStreet.com/NYTimes.com

joint newsroom covered the news in a

story this afternoon.

Investors flew the koop, pressuring the company 6 cents, or 3.9%, to 1.53.

The only thing worse than being too popular is being too successful. Poor little fiber-optic component company

JDS Uniphase

(JDSU)

just can't seem to grow fast enough, according to analysts, who expect the company to post blowout results next week. It settled up 5% today and traded 1.31 higher to 136.12 in anticipation of fourth-quarter data.

E-Stamp

(ESTM)

has opened a world of postal possibilities to cyber junkies. The California company lets users download postage from their PCs. The only catch is that customers need to purchase software and hardware components to use the service. The popularity of this service may eventually lead to a crisis of unemployed postal workers, who apparently are more dangerous than the employed variety.

The company last night reported a net loss of $23.6 million, or 64 cents a share, compared with the 73-cent loss in the first quarter. Though the company beat consensus estimates that called for a loss of 66 cents,

Deutsche Banc Alex. Brown

downgraded the company today to market perform from buy. E-Stamp noted at the bottom of its press release that it will slash its staff by 25% to scrape together the cash to operate through 2001. The company sold off 14% today and then slid 407 cents, or 20%, to 1.59 tonight.

E-Stamp saw its most rapid growth in its shipping business unit, which doubled its revenue from the first quarter. The company announced a business strategy shift to focus on shipping, logistics and the Internet postage business, which it said is more lucrative than the consumer market. And just happens to be cheaper to address.

FiNet

(FNCM)

rallied 57 cents, or 7%, to 87 in early trading after

Stonegate Securities

initiated coverage with a buy rating. The fine young company brings us closer to the online mortgage experience by allowing businesses and customers to shop for Internet mortgage quotes and obtain loans from the company's bank.

Stonegate's upgrade was spurred by FiNet's recent decision to gear their business from the brutally competitive customer market to the more lucrative B2B side.

Like a high-school girl weighing her prom date offers, U.S. wireless company

VoiceStream Wireless

(VSTR)

took the weekend to mull over

Deutsche Telekom's

(DT) - Get Report

$50.4 billion offer to buy it. Some reports suggest that the decision could come as early as Sunday. Sizzling anticipation of a successful marriage pushed VoiceStream up 2.26, or 1.5%, to 152.01 on 56,500 Instinet shares.

If love could be expressed in the form of cash money, investors showered this online lottery company with

eLot

(ELOT)

of affection. The you-gotta-be-in-it-to-win-it philosophy translated into the trading of the Connecticut-based company, which sells lottery tickets for the government over the Internet. Tonight's announcement that eLot sold its health-care communications division to

Grinnell

for $5 million in cash, with an additional $1 million to be paid in 90 days subject to closing adjustments, sent the company 6 cents, or 2.5%, higher to 2.50 on 12,500 Island 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.