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Apple

(AAPL) - Get Apple Inc. (AAPL) Report

will be the name of the tech game today, and judging from the action so far, it's a big loser. Shares of the computer maker were

pummeled in afterhours trading last night after it warned of a shortfall in its fourth-quarter earnings and sales. The stock traded recently at $29.50 on

Instinet

, down an eye-opening 24 points from yesterday's close at $53.50. This morning Apple received three downgrades, from

PaineWebber

,

Bear Stearns

and

Morgan Stanley Dean Witter

.

Shares of some other big-cap techs were under pressure with

Intel

(INTC) - Get Intel Corporation (INTC) Report

trading at $43.13, down from a regular trading close of $44.44. Networker

Cisco

(CSCO) - Get Cisco Systems, Inc. Report

was trading at $58, down from yesterday's close of $59.44.

Shares of

Mattel

(MAT) - Get Mattel, Inc. Report

were not having much fun after the compnay said this morning that it would sell

TheStreet Recommends

The Learning Company

to an affiliate of

Gores Technology Group

. Mattel said it will take a $430 million writedown for the sale. No sales price was given in the company's press release. Shares were flat at $11.62 in trading on Instinet.

The

S&P 500 futures on

Globex

lately were down 5 to 1471, about 4.29 points below fair value. The thinly traded

Nasdaq 100

futures were down a heavy 39.5 to 3718.5, about 60.57 points below fair value and indicating a rough opening for big-cap techs.

Europe's major indices were tentatively higher, with France's

CAC 40

up 0.3%, Germany's

Xetra Dax

up 0.1% and the U.K.'s

FTSE 100

up 0.4%. Japan's

Nikkei 225

gained 0.8% overnight, while Hong Kong's

Hang Seng

rose 1.0.2% (see today's

Asian Markets Update for more).

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