Futures are leaning to the positive side this morning. After

besting analyst estimates Thursday,

Oracle

(ORCL) - Get Report

shares were among the most active in preopen trading.

Lately,

S&P 500

futures were traded at 1503.20, up 0.40, about 1.5 points above fair value, and

Nasdaq 100

futures were up 28.5 points to 3825, about 25 points above fair value, indicating a positive bent for stocks at the open. Fair value is a good gauge for the direction of the market at the open.

After reporting earnings of 17 cents a share Thursday, Oracle shares were trading at $82.75 on

Instinet

, down from Thursday's close at $84.94. The

First Call/Thomson Financial

consensus was for 13 cents a share.

Adobe

(ADBE) - Get Report

, reported earnings of 57 cents a share Thursday, vs. the First Call/Thomson Financial consensus estimate of 52 cents a share. Adobe shares were offered at $131.50, but no volume took place at that price, according to

Instinet

.

Conexant

(CNXT) - Get Report

, which in recent days has announced it will spin off its Internet business and has benefited from an analyst upgrade, was traded at $54, up from the $52.63 close Thursday.

Xerox

(XRX) - Get Report

TheStreet Recommends

was trading higher after

Business Week's

"Inside Wall Street" column, which is not known for its success rate in predicting mergers, reported that the company is a potential takeover target of

Hewlett-Packard

(HWP)

or Japan's

Canon

. Xerox lately traded at $16.75, up 75 cents, on

Instinet

.

London's

FTSE 100

bounced around, the volatility a result of today's expiration of index futures and options. The FTSE was lately down 58.70 to 6496.80. Paris'

CAC

dropped 26.33 to 6611.58, and Frankfurt's

Xetra Dax

rose 9.37 to 7057.87.

Asian markets were mixed. Hong Kong's

Hang Seng

lost 145.90, or 0.9%, to 16,249.53. South Korea's

Seoul Composite

lost 21.94, or 3.4%, to 628.20. Japan's

Nikkei 225

was closed for a holiday. (See today's

Asian Markets Update for more.)

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