Preopen Trading: Investors Can Expect a Dip at the Open

<LI>Biotech Amgen jumps in before-the-bell trading on patent win.</LI> <LI>European markets falling, but Asian stocks moved higher overnight.</LI>
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Yaaawwwnnn!

Preopen trading on this Monday morning is sluggish. But fear not, we'll still give you a peak at how the trading day is shaping up.

One stock at attention this morning is

Amgen

(AMGN) - Get Report

. After the close on Friday, the biotech company got word that it won a patent fight against

Transkaryotic

(TKTX)

for its popular anemia treatment, Epogen. Amgen lately was up 17.5%, or $10.50, to $70.50 on electronic brokerage

Instinet

, where investors can trade even if the markets aren't officially open.

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Early morning futures action wasn't looking too good. The

S&P 500 futures on the

Globex

exchange were lately off 3.5 to 1345, almost 7 points below

fair value, as calculated by

Prudential Securities

. The thinly traded

Nasdaq 100

futures, which track large-cap tech stocks, were down 19.5 points to 2667, or about 11 points below fair value as calculated by

TheStreet.com

. Fair value helps gauge how stocks will trade in early action, and this morning's signs are negative.

It's no surprise then that Europe's major indices were down at midsession. France's

CAC-40

was off 0.3%, Germany's

Xetra Dax

was down 0.5% and the U.K.'s

FTSE 100

was 0.5% lower. Asian markets bounced, however, with Japan's battered

Nikkei 225

up 0.3% overnight and Hong Kong's

Hang Seng

adding 1%.

For more on the world stock markets, check out

TheStreet.com's

global indices page.

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