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Cisco Systems (CSCO) was in full recovery mode this morning, lately up 44 cents to $31.50 on 120,870 shares on electronic brokerage Instinet.

Inspired by Tuesday's

surprising postclose earnings announcement, the networking giant was hit with a big selloff yesterday, falling $4.69, or 13%, to $31.06 on 282 million shares traded, the second-most ever for one stock on the



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Investors seemed to want to start today differently. Early on, futures were pointing to a bit of a pop at the opening bell. The

S&P 500 futures on


lately were up 2 to 1352, about 6 points above fair value as calculated by

Prudential Securities

. The thinly traded

Nasdaq 100

futures were up about 14 to 2457, or about 34 points above fair value as calculated by

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


up 0.6%, Germany's

Xetra Dax

up 0.9% and the U.K.'s

FTSE 100

inching 0.03% higher. Japan's

Nikkei 225

dropped 1.7% overnight, while Hong Kong's

Hang Seng

slipped 0.9%.

For more on the world stock markets, check out's

global indices.

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