There wasn't much action in preopen trading ahead of the

jobs report.

Intel

(INTC) - Get Report

kept its rally going. On Thursday, the stock recovered its losses from Wednesday. The chipmaker fell 5 1/4 to 131 5/8 after a downgrade in the semiconductor index. On

Instinet

, the stock was up 7/8 to 136 1/2.

Qualcomm

(QCOM) - Get Report

was down 5 3/16 to 56 1/2. Also,

Ocular Sciences

(OCLR) - Get Report

was being offered at 11 5/8, down 11/16, after it warned it would miss second-quarter earnings estimates.

Citrix Systems

(CTXS) - Get Report

was benefiting from some positive words in

Business Week

, up 15/16 to 20 1/16.

The

S&P 500 futures on

Globex

lately were up 1 to 1475, a little higher than fair value, so not much of an indication of how the market is going to open. The thinly traded

Nasdaq 100

futures were down 2 to 3832.

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

CAC 40

up 0.5%, Germany's

Xetra Dax

down 0.1% and the U.K.'s

FTSE 100

down 0.2% (see today's

European Midday Update for more). Japan's

Nikkei 225

rose 0.7% overnight, while Hong Kong's

Hang Seng

bounced 2% (see today's

Asian Markets Update for more).

U.S. Stocks in Europe: Investors Await June Employment Report

LONDON -- European investors trading U.S. stocks are sitting tight ahead of the release this morning of the employment report for the month of June.

The

crucial report is due to be released at 8:30 EDT, and its weakness or strength will help determine the

Federal Reserve's policy on interest rates going forward.

Analysts polled by

Reuters

expect non-farm jobs will have grown by 263,000 in June, compared with 231,000 in May. Unemployment is expected to fall to 4% from 4.1% in May. And average hourly earnings are forecast to jump 0.4%, following a 0.1% rise in May.

Should the numbers come in weaker than the forecast, the report would go one step further toward convincing the Fed that its six interest rate hikes over the past year have indeed slowed the economy and helped keep inflation at bay. A stronger report would indicate that May's numbers -- which marked the first drop in private-sector payrolls since January 1996 and the largest such decrease since November 1991-- were more of an anomaly rather than the beginning of a trend. If that is the case, the door would swing open for further tightening at the Fed's next meeting on August 22.

Meanwhile, investors were granting pardons to certain stocks that had taken a beating in recent weeks.

Oracle

(ORCL) - Get Report

, which had slid on news of the resignation of its president and chief operating officer, as well as news that it had hired a private investigator to dig up dirt on allies of rival

Microsoft

(MSFT) - Get Report

, was up 2.30 euros, or 2.95%, to 80.30 euros ($76.25) in Germany.

Like many U.S. stocks, Oracle is also listed on some foreign exchanges.

IBM

(IBM) - Get Report

, which yesterday announced an

alliance with

Compaq

(CPQ)

where the companies will sell each other's data storage products, gained 50 European cents, or 0.47%, to 107.50 euros. Compaq traded down 25 European cents, or, 0.95%, to 26 euros.

Following a recovery in tech yesterday, especially in the semiconductor sector that had been hard hit Wednesday by negative comments from a

Salomon Smith Barney

analyst,

Intel

(INTC) - Get Report

gained 20 European cents, or 0.14%, to 143 euros.

Advanced Micro Devices

(AMD) - Get Report

was up 35 European cents, or 0.43%, to 81.25 euros.

At 6:30 EDT, the September

S&P 500 futures

were up 1.7 points to 1,475.4, or almost two points above

fair value and not much of an indication for the open. The

Nasdaq 100

futures contract was 0.5 higher at 3,834.50, also not much indication of where tech stocks are headed at the open. Fair value helps determine the tone of futures trading, often a good indication for how the securities market will open.

Thursday's After-Hours Trading

By Angela Privin
Staff Reporter

(

Updated from 7:41 p.m. EDT

)

Eli Lilly

(LLY) - Get Report

made a big splash with Prozac, so why not use some of the active ingredients found in the antidepressant to treat premenstrual syndrome?

Today the pharmaceutical maker received

Food and Drug Administration

approval for Sarafem, the first prescription drug to treat the mood swings and physical symptoms associated with menstrual cycles. Under a June 1997 license agreement,

Interneuron Pharmaceuticals

(IPIC)

will receive a milestone payment from Lilly based on the FDA approval and royalties on future sales of Sarafem.

On June 15, Interneuron licensed development and commercialization right to a topical cream that might prevent the spread of sexually transmitted diseases, including HIV. The gel microbicide is currently being tested in early stage human trials.

News about the PMS wonder drug sent relieved husbands and boyfriends on a buying spree, pushing Interneuron 47% higher during the day session with roughly the same lift at night. IPIC gained 1 55/256 to 3 223/256 on 287,000

Island

shares.

Now there is something even more exciting than watching congressional meetings on television. Today

Netivation.com

(NTVN)

released CongressPro, the first Internet database for tracking congressional political money, legislation and lobbyists by committees and subcommittees. The service will only be available to paid subscribers.

During the day, Netivation.com spiked 58%, or 7/8, for making congressional business as transparent as a peek-a-boo nightie.

EBI Securities

reiterated its buy rating on the Internet company. The folks at EBI have recommended it before, but now they really mean it, with a 12- to 18-month price target of 14 to 15 a share to prove it.

Netivation.com is involved in both public policy and politics and B2B health care. It fell 3/16 to 2 3/16 on 73,000 Island shares.

Same-store sales for

Starbucks

(SBUX) - Get Report

were as hot and tall as their coffee beverages. Same-store revenue came in a steamy 9% higher for the month of June. Starbucks perked up 1 to 39 on 12,000 Island shares.

Yesterday

Paging Network

(PAGE)

ran up 27% and today it popped another 35% courtesy of the transitive property. If A=B and B=C, then A=gains.

Good news for

Arch Communications

(APGR)

boosted PageNet's stock, because the companies will soon merge into a bigger wireless messaging firm. Arch was chosen by

Bolt

, a Web site for 15 to 20 year olds, to provide members with wireless messaging content. Bolt members will be able to exchange email on Arch's wireless devices. Tonight the Dallas-based penny stock (PageNet, that is) was up 3/128 to 1 91/128. Arch slid 1/4 to 6 1/2.

According to the trading bible, what no news giveth, no news taketh away.

Applied Micro Circuits

(AMCC)

rallied almost 18% today ahead of next Wednesday's earnings report. Investor relations officials for the optical communications chip maker scratched their head in response. There was neither news nor fresh analyst opinions to explain it. Consensus points to strong earnings at 17 cents a share compared to 6 cents last year.

AMCC suffered strong declines last month when it warned that sales to

Nortel Networks

(NT)

, its biggest customer, were slowing. The stock has eked out a recovery since but fell 1 3/16 to 117 3/16 tonight following the day's exuberant pop.

Visual Networks

(VNWK)

was

beaten blind today. It collapsed 54% after warning of earnings of 1 cent a share for the quarter, lower than the five-analyst

First Call/Thomson Financial

consensus of 6 cents.

Bear Stearns

,

Goldman Sachs

and

Morgan Stanley Dean Witter

downgraded the company, which manages traffic flow for Internet companies. That was enough to rank it among today's biggest Nasdaq losers, then poise it for a recovery of 51/256 to 12 47/256 on Island.

Intel

(INTC) - Get Report

bounced back today after yesterday's tech plunge. It rose steadily today to rebound 3.8% and continued heading north at night. It settled 1 5/16 higher at 135 on 167,000 Instinet shares.

Optical networking company

Sycamore Networks

(SCMR)

continued its daytime decline on no negative news. After slipping more than 2% by day, it skidded a further 1 1/4 to 109 1/8 at night.

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, 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.