No communication breakdown here: Telcos were suffering in Europe and transferred that negative energy to
Nasdaq 100 futures were lately down 50 to 3800, or about 50 points below fair value as calculated by
S&P 500 futures on
were also lately sliding lower. They were down 5 to 1464, or about 6 points below fair value, as calculated by
said its third-quarter earnings would miss estimates. The announcement sparked selling in the telecom sectors of Europe's major indices. France's
lately declined almost 2%, Germany's
sunk 1.7% and the U.K.'s
was 1.6% lower. Tech stocks, including telcos of course, were the root of the Asian markets problems today. Japan's
lost 0.9% overnight, while Hong Kong's
dropped 3.2%. (See today's
Asian Markets Update for more).
In preopen trading on
was doing its best to keep up the downward vibe in telcos. It was lately at $41.38, down $2.31 from yesterday's closing price of $43.69.
was trying to fight the dark side's pull and was recently trading at $27.50, up 19 cents.
Lernout & Hauspie
was trading at $18, down $3.25 from its closing price yesterday, on news in
The Wall Street Journal
Securities and Exchange Commission
was launching a formal probe into the company's accounting practices.
For Wednesday's postclose trading, see The Night Watch.