Preopen Trading: Intel Continues Slide While Futures Rise - TheStreet

Citigroup

(C) - Get Report

reported third-quarter earnings this morning, with profits skyrocketing 27%. The company announced that earnings were 67 cents a share, better than the 65-cent analyst estimate and last year's 52 cents a share.

In premarket activity on

Instinet

, one day after it hit 2-year lows,

Microsoft

(MSFT) - Get Report

rebounded slightly, rising $1.33 to $51.75. Tonight, the company will release earnings. And

Intel

(INTC) - Get Report

continued to slide one day after it had its financial estimates (and subsequent fortunes)

cut by an analyst. It was last off 41 cents to $35.28.

Premarket futures have improved as daylight grows on the horizon. At last check,

Nasdaq 100

futures on

Globex

indicate a positive opening. They lately were up 4 to 3320, about 36 points above fair value as calculated by

TheStreet.com

.

S&P 500 futures

were looking flat, up 0.2 to 1391.70 and more than 4 points above fair value as calculated by

Prudential Securities

.

Internationally, there was good news and there was bad news.

The good news is that the Israelis and Palestinians have both agreed to condemn the violence that has rocked the Middle East lately, paving the way for more conversations and perhaps, an end to bloodshed. According to

CNN

, Israeli Prime Minister Ehud Bahak and Palestinian leader Yasser Arafat have hammered out a cease fire.

But bad news is everywhere else. European markets were weaker, mixed and rallying. Asian markets were terrible.

Earlier in the day, European markets looked awful. German and British markets were mired in losses, while the French markets were barely positive. Things have been improving on the Continent, but London's

FTSE 100

was still off 55.90 to 6229.80 at press time. France's

CAC-40

gained 44.39 to 6132.43, while Germany's

DAX

gained 9.98 to 6637.23. Japan's

Nikkei 225

fell 172.10 to 15,340.22, while the

Hang Seng

, Hong Kong's market index, fell 99.97 to 14,873.43.

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