Nokia (NOK) - Get Report and Motorola (MOT) were attracting the most attention in preopen trading.

Nokia slipped 25% yesterday after it said third-quarter earnings will probably miss estimates. This morning it was recovering some of its losses, moving up 2 3/4 to 43 3/4 on

Instinet

. Motorola, which also suffered from Nokia's warning yesterday, was lately edging up 1/2 to 34.

There was some positive sentiment in futures ahead of the release of 2000's second-quarter

gross domestic product numbers. The

S&P 500 futures on

Globex

lately were up 2.8 to 1466.5, about 6 points above fair value as calculated by

Prudential Securities

for

TheStreet.com

. The thinly traded

Nasdaq 100

futures were up 13 to 3720, which was about 5 points above fair value as calculated by

TSC

.

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

CAC 40

down 0.6%, Germany's

Xetra Dax

up 0.4% and the U.K.'s

FTSE 100

up 0.4% (see today's

European Midday Update for more). Japan's

Nikkei 225

dropped 2.1% overnight, while Hong Kong's

Hang Seng

fell 1.5% (see today's

Asian Markets Update for more).

Elsewhere in preopen trading,

Island

had

American Power Conversion

(APCC)

trading at 27 1/2, down almost 20 from yesterday's closing price. Instinet had it down 15 1/2 at 31. The company warned it expects third-quarter earnings lower than analysts' estimates. The company also warned it expects full-year earnings to miss estimates.

(

Updated from 7:15 p.m. EDT

)

The most actively traded stock on

Instinet

trading was the when-issued stock of

3Com

(COMS)

, which was scheduled to be removed from the

S&P 500 after the close of the regular session today. The when-issued stock, created by 3Com, represents 3Com without its

Palm

(PALM)

assets, which are scheduled to be fully spun off after the close of the regular session.

3Com is being moved to the

S&P MidCap 400

from the S&P 500 to make room for its spinoff, Palm, in a very hairy and interesting

situation for index managers and other holders of the stock. Normally, when one stock is being removed, indexers would sell it ahead of the close, but 3Com shareholders were to receive about 1.4 shares of Palm for every 3Com share they own after today's close. So, if indexers sold that stock, they wouldn't receive their Palm distribution.

Investors don't value 3Com terribly highly without its high-profile Palm unit, and that's evidenced in the price of the shares of the when-issued stock. That stock, traded under the symbol COMSV, was lately traded at 14, compared with 3Com's closing price of 64.5625.

Lately, COMSV was up 18.75 cents to 14 on 1.74 million

Instinet

shares, while 3Com itself was down 43.75 cents to 65 on 784,000 Instinet shares, and Palm was trading at 34.9375, down 1.5625 cents, on 1.1 million Instinet shares. PALMV, Palm's when-issued stock, which represents Palm after the spinoff, was at 34, down 68.75 cents, on 453,000 Instinet shares.

American Power Conversion

(APCC)

was sucked into a black hole in night trading after the company's second-quarter earnings report showed earnings of 29 cents a share, matching the five-analyst

First Call/Thomson Financial

consensus estimate.

But including special items, earnings trailed the second quarter of 1999, when the company earned 22 cents a share, and that's been enough to hurt the stock in after-hours action.

It dropped 15.25 to 31.25 on 1 million Instinet shares, while

Island

reported the stock at 31.43, on 418,000 shares traded.

Nokia

(NOK) - Get Report

, which issued an earnings warning for the third quarter after its second-quarter earnings release this morning, was active on Instinet, although lately unchanged at 41 on 456,500 Instinet shares.

Also active among companies that reported earnings was

Starbucks

(SBUX) - Get Report

, losing 62.5 cents to 35.5 on 55,500 Island shares after reporting earnings of 18 cents a share for the fiscal third quarter, matching First Call estimates. The company earned 13 cents at this time a year ago.

MRV Communications

(MRVC)

has its hands in many places tonight, and it's getting killed after announcing earnings and an acquisition to boot.

So from the top: The company reported earnings of 2 cents a share for the quarter, after earning 1 cent at this time last year. That falls short of the First Call/Thomson Financial estimate (just one broker) of earnings of 3 cents.

In addition, the company announced the acquisition of

AstroTerra

, a developer of optical wireless technology. The company also announced management changes in its subsidiaries.

Amid all the events, the only thing investors are doing is selling the stock. It plunged 5.8125 to 58.25 on 35,500 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.