A number of technology stocks slid in preopen action this morning, following significant overnight losses in Asian and European technology shares. So far, index futures showed little direction for the market this morning, but sellers were putting pressure on
Cisco, which is expected to report earnings of 19 cents a share Tuesday, was the most actively traded stock on electronic trading network
, losing 13 cents to $35.38 in early action. Chipmaker Intel lately was off 6 cents to $35.63.
European technology stocks, such as cell phone maker
, were sharply lower in today's trading, and in overnight action Japan's
lost 318.11 to close at 13,385.52, a 2.3% loss, led by technology names. The losses in overseas markets were prompted by Friday's losses in the
Nasdaq Composite Index.
Futures, when measured against
fair value, weren't suggesting significant selling pressure at today's open. Lately,
futures traded at 2478.50, down 10 points, and about 9 points below fair value as calculated by
S&P 500 futures lately traded at 1356, up 2.7 points, and about even with fair value as calculated by
. Fair value is a measurement of the correct relationship between the futures contract and the cash index and helps determine where stocks are going at the opening bell.
Among the other stocks getting hit were business-to-business name
, which lost $2.94 to $20.25, after
wrote an article critical of the company's business this weekend.
was up sharply after
said this weekend it would purchase the refining company for $7 billion in stock. The stock gained $3.39 to $38, a 10% jump, on Instinet. Phillips, meanwhile, was down $5.13 to $53, a 9% drop.
European indices were weak. Paris'
lately dropped 19.52 to 5806.85, and Frankfurt's
was off 24.51 to 6613.69. London's FTSE was doing fine, lately gaining 4.1 to 6260.5.
Asian markets suffered a lousy session. In addition to the Nikkei's drop, Hong Kong's
lost 240.45 to close at 15,830.84, while South Korea's
dipped 29.32 to a finish of 579.16.
For more on after-hours trading, see Friday's