As investors digest yesterday's earning announcements and prepare for a new batch of results today, the market looks set for a fairly weak open this morning.

Lately, the

S&P 500 futures on

Globex

were down 1.5 to 1483, about two and a half points below

fair value as calculated by

Prudential Securities

, and indicating a slightly lower opening. The thinly traded

Nasdaq 100

futures were behind 13 to 3875, about 25 points below fair value as calculated by

TheStreet.com

, and showing downward pressure for the Nasdaq's start.

In preopen action, shares of

Nortel Networks

(NT)

climbed to 88 on

Instinet

, from a closing price of 87. Last evening, the world's No. 2 networking equipment supplier wowed investors with news that second-quarter profits climbed 75%. Nortel posted earnings of 18 cents a share, beating the 29-analyst 15 cent estimate and the year-ago 11 cent profit.

Nortel, which is in talks to sell its optical-parts unit to

Corning

(GLW) - Get Report

, in a deal that could be valued at over $100 billion, said revenue increased 48% to $7.8 billion in the second quarter, up from $5.28 billion last year.

Online auctioneer

eBay

(EBAY) - Get Report

also attracted investor attention this morning. On

Island

, which uses decimal pricing, about 2,000 shares of eBay changed hands this morning. At last look, the stock was at 56.25 and in-line with last night's closing price.

After yesterday's closing bell, eBay posted second-quarter earnings of 5 cents a share, besting the 24-analyst estimate by 2 cents and up from year-ago earnings of 2 cents. The company's number of registered users grew to 15.8 million by the end of June, up from 12.6 million in the previous quarter and 5.6 million a year ago.

Trading was mixed in overseas action. After midession, Germany's Xetra Dax dropped 0.45%. France's

CAC 40

was ahead 1.01%, while the U.K.'s

FTSE 100

was also up 0.10%. Japan's

Nikkei 225

fell 0.43% overnight, while Hong Kong's

Hang Seng

boosted 1.41%.

Tuesday's After-Hours Trading

By David A. Gaffen
Staff Reporter

(

Updated from 7:09 p.m. EDT

)

More earnings talk is dominating the action among the weary souls who didn't get enough before the 4 p.m. close, and as usual, there's a couple of stocks getting the Edward II

treatment tonight. The big-cap stalwarts, such as

Compaq

(CPQ)

and

eBay

(EBAY) - Get Report

, are seeing a mild boost in after-hours action, but the late traders are concentrating on killing names like

LSI Logic

(LSI) - Get Report

.

LSI Logic was the most active on

Instinet

, as the stock dropped 8.3125, or 17%, to 40.50 on 835,750 Instinet shares after reporting earnings of 29 cents a share, meeting the 21-broker

First Call/Thomson Financial

consensus.

The stock finished the day session up, at 48 3/4, but was killed in after-hours action.

The communications chipmaker is suffering from poor comparisons to similar stocks in its sector, such as

Intel

(INTC) - Get Report

and

Texas Instruments

(TXN) - Get Report

, both of which reported strong quarters.

Nortel Networks

(NT)

was among the most active as well, gaining 4.50 to 87 on 394,300 Instinet shares, after the company reported a second-quarter profit of 18 cents a share, compared with earnings of 11 cents at this time last year. The 29-broker consensus was looking for earnings of 15 cents, according to the fine folk at

First Call/Thomson Financial

.

Investors also gave their finest Bronx cheers to

F5 Networks

(FFIV) - Get Report

, an Internet infrastructure company, after the company reported earnings postclose tonight.

The company said revenues for the fiscal third quarter amounted to 17 cents a share, compared with a 15-cent loss at this time a year ago. The company missed Wall Street's estimates by 2 pennies -- as the seven-broker consensus was looking for 19 cents a share, according to First Call/Thomson Financial.

The stock, after getting shredded in early after-hours action, recovered late, losing just 81.25 cents to 42 on 137,000

Island

shares, Island's second-most active. It was down 2.8125 to 40 on 169,000 Instinet shares.

Congratulations to

Art Technology Group

(ARTG)

, which may now be spared the indignity of appearing on some sort of ham-handed

Barron's

list of companies most likely to run out of money in the next 10 minutes. The company announced its first profitable quarter, and it's ramping up in after-hours trading as a result.

Art Technology said it earned 4 cents a share, compared with an 8-cent loss in the second quarter of 1999, and besting the 11-broker First Call/Thomson Financial consensus estimate of a 3-cent loss. The stock was up in the late session 10.9219 to 114.1875 on 30,000 Island shares. Art Technology's prospects figure to look strong for coming quarters, as the company recently won a contract to design a Web site for

American Airlines

, the subsidiary of

AMR

(AMR)

.

Speaking of companies running out of money, it's always a fine time to discuss

drkoop.com

(KOOP)

, which eked out a 15/32 gain in trading today. For

Microsoft

(MSFT) - Get Report

, that's a mild tremor. For drkoop, it was good enough for a 32% rally.

Night owls took the stock down before it recovered late, ending off 3.13 cents to 1.9063 on 26,200 Island shares. Oh, and no word on whether he's going to shave the beard, grow a mustache, or both.

Vignette

(VIGN)

fell sharply, losing 4.875 to 38.75 on 66,500 Island shares after the company reported earnings of 1 cent a share, ahead of the 17-broker consensus on First Call/Thomson Financial, which expected the company to earn nothing (but also lose nothing -- very Zen-like).

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.