Preopen Trading: Futures Indicate Tech Stocks Will Bounce at the Open
The market looks poised to bounce at the open this morning.
S&P 500 futures on
Globex
were recently trading at 1436.70, about 6 points above fair value as calculated by
Prudential Securities
for
TheStreet.com
and indicating positive action at the open this morning.
Futures for the
Nasdaq 100
were recently trading at 3550, about 43 points above fair value, as calculated by
TheStreet.com
, and indicating a jump in tech stocks at the opening bell this morning.
Trading in European markets is mixed. London's
FTSE
was down 31.80 to 6303.90, the German
TheStreet Recommends
DAX
was recently up 39.15 to 7167.45, and the
CAC-40
in France was up 4.14 to 6419.86. (For more on trading, see the
European Midday Update , published separately.) Asian markets were trading lower. Hong Kong's
Hang Seng
was down 342.95 to 16840.98 and the Japanese
Nikkei 225
was down 111.08 to 15727.46. (For more on trading in Asia, check out the
Asian Markets Update that is published separately.)
Friday's After-Hours Trading
By
David A. Gaffen
Staff Reporter
(Updated from 6:17 p.m. EDT)
That's it. Earnings season is all over but the shouting.
AAAAAARRRGGGGHHHHHH!
Thank you.
On a late Friday, there simply aren't many people who possess the gastronomic chops to endure a few more hours of trading after the
Nasdaq Composite Index managed to lose 10% of its value this week. The Nasdaq's travails reminded everyone out there that the tech sector remains in a bear market, and it hasn't exactly fought it's way out of it -- summer rally be damned.
With news at a premium, late-night players are zeroing in on more active names, such as
Cisco
(CSCO) - Get Cisco Systems, Inc. Report
,
JDS Uniphase
(JDSU)
and
Microsoft
(MSFT) - Get Microsoft Corporation Report
. The biggest mover in after-hours trading was
Broadcom
(BCOM) - Get B Communications Ltd. Report
, which lost 5.0625 to 208, but on barely any activity -- just 7,500
Instinet
shares.
Island
ECN's most active in a thin evening was
Value America
(VUSA)
, a penny stock that traded 57,000 shares on Island without any news. The stock was lately unchanged at 75 cents.
Corvis
(CORV) - Get Correvio Pharma Corp. Report
, which debuted on the Nasdaq today, was somewhat active in after-hours action, gaining 28.13 cents to 85 on 51,300 Instinet shares. The communications equipment maker rose 135% to 84 23/32 in its first day of trading.
Ciena
(CIEN) - Get Ciena Corporation Report
, one of Corvis' competitors, was also active in the late session, rising 1.0625 to 135.5 on 15,000 Island shares.
Conseco
(CNC) - Get Centene Corporation Report
continued to be one of the most-active nighttime stocks. The stock recently plunged after the company said it lost 9 cents a share for the quarter and that it would cut 2,000 jobs. There was little specific news about the stock today, but traders are still active in the name, lately traded at 8.125, unchanged, on 100,500
Instinet
shares.
Concurrent Computer
(CCUR)
was continuing its strong outperformance after rising 16% during the regular session after
Morgan Stanley Dean Witter
began coverage of the stock with an outperform rating.
In night action, the stock was still going strong, trading up 1.75 to 13.75 on 16,500 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 Holdings, 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.
