Preopen Trading: Futures, International Markets Sharply Lower

After negative market reaction to its plan to pursue Quaker Oats, Coca-Cola gives up the chase to Danone.
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One day before Thanksgiving, the only thing investors are thankful for is that markets are closed tomorrow. In preopen activity, futures were terrible, trading much lower on thin volume, while both Asian and European markets sat deep in the red.

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S&P 500

futures on

Globex

, an electronic exchange specializing in currency and index futures, were lately trading down 15.2 to 1340.50, with a fair-value loss of 10.75.

Nasdaq 100

futures on Globex were lately trading down 74.5 to 1733, with a fair-value loss of about 66. Looks like markets are set for a negative open, and a decisive one at that. Futures have falling all morning long.

Keep a close eye on

Coca-Cola

(KO) - Get Report

today. Tuesday, the company looked like it was sidling up to

Quaker

(OAT)

, whispering sweet nothings in an attempt to acquire the company's food business, which includes the best-selling Gatorade brand. Unfortunately for Coke, the news didn't go over so well in the wider market and last night, the company announced that it was no longer interested in purchasing Quaker's food business. But France's

Danone

(DA)

, the yogurt people, are interested. So, be on the lookout for moves in Coke, Quaker and Danone today.

On

Instinet

, where people (even you) can trade stocks even when New York's markets are closed, volume was very light ahead of the day session. But on this thin volume, which decreases the ability for an issue to trade while ratcheting up the likelihood for volatile moves, Coca-Cola last traded at $58, a gain of $2.75 from its Tuesday closing price. Quaker last traded at $88, down $6.44 from its Tuesday closing price.

Again, it's worth noting that those moves occurred on thin volume and might be an exaggeration. In any event, it looks like Coke will be up at the open, while the Quaker people won't be.

Let's look at Europe. Well, maybe not.

In midday trading, London's

FTSE 100

dropped 114 to 6268, while the Paris

CAC-40

fell 116 to 5965. Germany's

Xetra Dax

fell 183 to 6495.

In Asia, markets took a nosedive. Japan's

Nikkei 225

fell 107.15 to 14,301.31, while Hong Kong's

Hang Seng

did its best impersonation of

Lee Majors

in the

Fall Guy

. It fell 415.79 to 14,772.51.