Wakey! Wakey!

Nokia's

(NOK) - Get Nokia Oyj Sponsored ADR Report

been up for hours messing up markets on two continents.

The Finnish mobile phonemaker, which in the beginning of December was

bragging about extending its current growth forecast until 2003, announced a very respectable increase of 64% in year-on-year growth in handset sales. But the market was looking for more.

Nokia's sales increase exceeded the pace of global mobile phone sales, which was estimated to have increased 45% from 1999. But, again, investors anticipated and wanted higher sales. The company sold 128 million of the total 405 million or so mobile phones that were sold last year.

On electronic brokerage

Instinet

, where investors can get in their trades before the market officially opens, the stock lately was dropping $6.81, or 15.8%, to $36.31. Fellow mobile phonemaker

Ericsson

(ERICY)

was sliding, lately down 94 cents, or 8.2%, to $10.44.

Nokia put pressure on the major European indices as well, which were lower at midsession. France's

CAC-40

was lately down 1.6%, Germany's

Xetra Dax

was off 0.4% and the U.K.'s

FTSE 100

was 1.1% lower.

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And in Japan, the

Nikkei 225

dropped 1.9%, while Hong Kong's

Hang Seng

moved 0.4% higher.

TheStreet.com's

global indices page has complete information about world stock markets.

S&P 500 futures trading on the

Globex

exchange were lately down 4.3 to 1305.2, about matching

fair value and indicating a flat open for the broad market. Futures for the large-cap

Nasdaq 100

were 32.5 lower to 2292.5, about 11 points below fair value, indicating that tech stocks will dip at the open. Fair value helps gauge how stocks will trade in early action.

In other preopen trading on Instinet,

AT&T

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was up $1.44, or 7.2%, to $21.50. The beleaguered stock got some lift on news that it completed a swap of cable systems with

Cablevision Systems

(CVC)

.

For Monday's postclose trading, see The Night Watch.