Preopen Trading: Futures Down, With Telcos Under Pressure in Europe - TheStreet

Preopen Trading: Futures Down, With Telcos Under Pressure in Europe

Both S&P 500 and Nasdaq 100 futures are down following Europe's session and Sprint's warning.
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No communication breakdown here: Telcos were suffering in Europe and transferred that negative energy to

Nasdaq 100

futures.

Nasdaq 100 futures were lately down 50 to 3800, or about 50 points below fair value as calculated by

TheStreet.com

.

S&P 500 futures on

Globex

were also lately sliding lower. They were down 5 to 1464, or about 6 points below fair value, as calculated by

Prudential Securities

.

Yesterday,

Sprint

(FON)

said its third-quarter earnings would miss estimates. The announcement sparked selling in the telecom sectors of Europe's major indices. France's

CAC 40

lately declined almost 2%, Germany's

Xetra Dax

sunk 1.7% and the U.K.'s

FTSE 100

was 1.6% lower. Tech stocks, including telcos of course, were the root of the Asian markets problems today. Japan's

Nikkei 225

lost 0.9% overnight, while Hong Kong's

Hang Seng

dropped 3.2%. (See today's

Asian Markets Update for more).

In preopen trading on

Instinet

,

Nokia

(NOK) - Get Report

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.

WorldCom

(WCOM)

was trying to fight the dark side's pull and was recently trading at $27.50, up 19 cents.

On

Island

preopen trading,

Lernout & Hauspie

(LHSP)

was trading at $18, down $3.25 from its closing price yesterday, on news in

The Wall Street Journal

that the

Securities and Exchange Commission

was launching a formal probe into the company's accounting practices.

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