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After an earnings rush at the closing bell yesterday, it's a quiet morning in preopen trading.

JDS Uniphase


, which reported better-than-expected earnings and was added to the

S&P 500 last night, was suffering from some profit-taking. It was lately getting a bid of 134 on


after closing at 135 15/16 yesterday.

(AMZN) - Get, Inc. Report

was starting off the morning poorly. The company's earnings beat estimates, but it also saw its loss double on an increase in sales. The stock was lately fetching a bid for 34, down 2 1/4 from yesterday's close.


S&P 500 futures on


lately were down 1.9 to 1467, about 4 points above fair value as calculated by

Prudential Securities


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. This shows fairly flat action at the open. The thinly traded

Nasdaq 100

futures were down to 3814, or about 40 points below fair value as calculated by


and indicating selling pressure on tech stocks.

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

CAC 40

up 0.8%, Germany's

Xetra Dax

down 0.1% and the U.K.'s

FTSE 100

up 0.7%. For more on these markets, see today's

European Midday Update.


Nikkei 225

lost 1.9% overnight, while Hong Kong's

Hang Seng

slipped close to 1%. See today's

Asian Markets Update, published separately, for more.

Elsewhere in preopen trading,





down 1/2 to 63 1/5 on 2,000 and



down 1/4 to 54 on 2,000 shares.

Wednesday's After-Hours Trading

By David A. Gaffen
Staff Reporter

Make way for

JDS Uniphase's


great royal can, which sat on top of the rest of the market today, after it was officially added to the

S&P 500 this afternoon. After rising 4.4% to 135 15/16 during the regular session on more than 130 million shares (more than 8% of Nasdaq volume during the regular session), the stock was lower in after-hours action.


ECN reported the stock down 3.4063 to 132.5312 on 1.43 million shares, Island's most active, and was down the same amount to 134 on 5 million


shares. However, this is a decent recovery, as the stock dipped below 130 early in the session, and slowly rebounded after the company's earnings report.

The supplier of components for fiber-optic networks reported fiscal fourth-quarter earnings of 15 cents per share, compared with the

First Call/Thomson Financial

28-analyst consensus for 12 cents per share.



, which is expected to be purchased by JDS Uniphase in an all-stock transaction, was falling in after-hours action following a 2.3% loss during the day. The stock was down 4.0625 to 386 on 105,400 Island shares, and down 4.0625 to 386 on 211,000 Instinet shares.

Another prominent company trading actively in after-hours action was

(AMZN) - Get, Inc. Report

, which reported earnings after the close of the regular session. The on-line retailer dropped 2.1875 to 33.875 on 516,300 Island shares, and 2.25 to 33.8125 on 657,000 Instinet shares, making it the second most-active on Instinet, next to JDS. reported a per-share loss of 33 cents for the second quarter, besting the First Call/Thomson Financial 29-broker consensus for a 35-cent loss. However, revenues rose only slightly from the first quarter, to $578 million from $574 million.

Two of the biggest movers in night owl action were Web names


(INSP) - Get Inspire Medical Systems, Inc. Report




, after Infospace announced that it was planning on buying Go2Net, a provider of technology and community-driven Web sites, in a $4 billion stock swap.

Infospace was losing ground, dropping 7.5 to 40.25 on 94,500 Island shares, while Go2Net, the company to be acquired, was ramping up, rising 8.375 to 68.9375 on 50,000 Island shares, making the two companies the fifth- and sixth-most active on Island in first couple hours of trading.

Infospace, an on-line infrastructure company, also reported a loss of 1 cent a share for the second quarter, besting the Wall Street consensus, which was looking for losses of 6 cents a share.



may be happy it beat the Street's estimates, but that doesn't mean investors are taking the company's second-quarter earnings release well. The stock was down 1.15 to 55.6 on nearly 42,600 Island shares.

The B2B company, which only yesterday announced the addition of former president

Joseph Galli

to the firm as CEO, said it lost 23 cents a share for the quarter, easily surpassing the

First Call/Thomson Financial

24-broker estimate for a loss of 30 cents a share. At this time last year, the company lost 10 cents a share.

Despite the popularity of high-profile, big-cap names like JDS Uniphase and in after-hours action, that doesn't mean late-night trading still isn't a bastion for individuals speculating in five-dollar stocks. One of those such stocks is

CompuCom Systems


, which said prior to the day's close that it had signed several outsourcing agreements with



. (A perfect example of how issuing positive press releases involving Dow components -- except maybe

Philip Morris

(MO) - Get Altria Group Inc Report

-- seems to help one's stock.)

CompuCom's stock was lately down 44 cents to 2.56, on 104,000 Island shares.

This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY) . For further information, please contact Instinet at

Island ECN, owned by Datek Online Holdings, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EDT.


explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.