Overseas markets took the lead from Friday's remarkable late afternoon rally and were firmer, especially the Asian markets, which are a good barometer for technology plays. Hong Kong's
posted a killer day, gaining 816, or nearly 6%, to 15,429, while Toyko's
gained 175, or 1%, to 15,993.
Meanwhile, back on the home turf, Intel was bounding back in preopen moves on
. After closing at $47.94 on Friday, the company last traded at $49.50, a gain of $1.56 heading into the opening bell.
A quick check of the futures shows the positive international vibe would continue, at least for the open of American markets. At 6:55 a.m. EDT,
S&P 500 futures were up 5.3, about 7 points above fair value as calculated by
futures were up 18, about 38 points above fair value as calculated by
, indicating interest in buying tech stocks at the open. Fair value is a good gauge of how the markets will perform in early trading. Today, futures are pointing to a positive open for both tech stocks at the broad market.
Just because early-bird investors were saying hello to Mr. Chips doesn't mean that other tech companies were doing nothing in preopen activity. Mobile phoner
traded at $32.50, a marginal gain of just over a dime from where it stood on Friday afternoon. The company was trading only slightly higher on news that it entered a joint-venture with
to create mobile smart phones that can do more, combining Palm's
calendar and phone list features with Motorola's distribution channels. Expect the first smart phone to ship in early 2002.
Lernout & Hauspie
, the speech recognition software company, received a decent pop this morning after the
Wall Street Journal
reported that most of the company's 30 start-ups in Singapore and Belgium have hired employees and are at work on products. The company last traded at $14.25, a gain of 62 cents from Friday's close.
It should be an interesting day in crude. On Friday, November crude futures tumbled, along with most petroleum products.
American Stock Exchange
crude futures dropped $1.32 to $32.68, while both heating oil and gasoline futures dropped four bucks. Keep an eye out for what oil does at the open.
And the other half of the gruesome twosome, the spiraling euro, stayed well below the 90-cent level. At last check, one euro was worth $0.8783.
For Friday's postclose trading action, see
The Night Watch.