On

Instinet

, oil stocks were moving this morning after Saudi Arabia said it plans to up its production by an additional 500,000 barrels of oil a day.

BP Amoco

(BPA)

was getting a bid of 57 1/2, down from its closing price on Monday of 58 5/16.

Royal Dutch

(RD)

was up 1/16 to 62 3/4, after being down 1/8 in earlier trading.

Computer Associates

(CA) - Get Report

was down 12 to 39 on 20,000 shares after it

issued a warning Monday night that it would miss analysts' first-quarter earnings estimates. The company said earnings would be hurt by weak European sales and softness in its mainframe business.

Also on Instinet,

Nokia

(NOK) - Get Report

was up 2 7/8 to 55 and

Biomarin Pharmaceuticals

(BMRN) - Get Report

was 2/18 higher to 18 3/4.

The

S&P 500 futures on

Globex

lately were up 2.5 to 1493, about 6 points above fair value.

Nasdaq 100

futures were up 32.5 to 3894.

Europe's major indices were showing some optimism, with France's

CAC 40

up 1.1%, Germany's

Xetra Dax

up 1.8 % and the U.K.'s

FTSE 100

up 0.4% (see today's

European Midday Update for more). Japan's

Nikkei 225

lost 0.2% overnight, while Hong Kong's

Hang Seng

jumped 1.5% (see today's

Asian Markets Update for more).

U.S. Stocks in Europe: Computer Associates Falls After Earnings Warning

LONDON -- Continental traders today seem just as loath to get back to business as will their U.S. counterparts as thoughts of yesterday's barbecue and beer dance in their heads.

"Europeans are sitting on their hands, not doing much," said Paul McKenna, a senior sales trader with

Bank of America Securities

in London.

The atmosphere of light trading not withstanding, shares of

Computer Associates

(CA) - Get Report

, the software maker that late Monday warned of a shortfall in first quarter revenue, is unlikely to escape a beating. Its shares traded in Germany were off 3.50 euros, or 7%, to 49.50 euros ($47.29).

Like other U.S. companies, Computer Associate shares are listed on several foreign exchanges.

Computer Associates blamed weak European sales and softness in its mainframe business for a revenue shortfall that would prevent the company from meeting analyst estimates. The company said several large contracts that were expected to close in the final days of the quarter have been delayed.

In a press release, Computer Associates said contract revenue for the period ended June 30 would be between $1.25 billion and $1.3 billion. Those figures exceed the year-ago $1.22 billion, but aren't fat enough to allow the company to meet

First Call/Thomson Financial

earnings estimates of 55 cents a share, compared with 49 cents a share last year.

The company scheduled an analyst conference call for 8:30 a.m. EDT Wednesday. Its first-quarter results are due out July 20.

Other software manufactures were suffering Wednesday morning on fears that they, too, would see a sales shortfall thanks to a softer European market. Shares of

BMC Software

(BMCS)

were down 55 European cents, or 1.45%, to 37.45 euros.

Also on the softer side, were shares of oil stocks following reports yesterday that Saudi Arabia is set to increase output by an additional 500,000 barrels of oil a day. Shares of

Exxon

(XON) - Get Report

traded off 50 European cents, or 0.6%, to 83 euros. And shares of

BP Amoco

(BPA)

were off 35 European cents, or 3.43%, to 9.84 euros.

The broader market looked set for a slightly positive open in the U.S. At 6:30 EDT, September

S&P 500 futures contracts traded up 1.4 points to 1,491.9 or 5 points above fair value.

Nasdaq

futures were up 41 points to 3,902.5. Fair value helps determine the tone of futures trading, often a good indication for how the securities market will open.