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
, down an eye-opening 24 points from yesterday's close at $53.50. This morning Apple received three downgrades, from
Morgan Stanley Dean Witter
Shares of some other big-cap techs were under pressure with
trading at $43.13, down from a regular trading close of $44.44. Networker
was trading at $58, down from yesterday's close of $59.44.
were not having much fun after the compnay said this morning that it would sell
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.
S&P 500 futures on
lately were down 5 to 1471, about 4.29 points below fair value. The thinly traded
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
up 0.3%, Germany's
up 0.1% and the U.K.'s
up 0.4%. Japan's
gained 0.8% overnight, while Hong Kong's
rose 1.0.2% (see today's
Asian Markets Update for more).
For Thursday's postclose trading, see The Night Watch.