Preopen Trading: Lucent, Yahoo! Roll Out Red Carpet for Open - TheStreet

No love here.

Early futures action is not pretty.

Nasdaq 100

futures on

Globex

lately were down 54 points to 3106.0, about 121 points below fair value as calculated by

TheStreet.com

.

S&P 500 futures were down 3.9 to 1387.10, about 14 points below fair value as calculated by

Prudential Securities

. This adds up to strong downward pressure for the open. Did we say strong? Make that crushing.

Last night,

Yahoo!

(YHOO)

came in with better-than-expected earnings, but concerns about slowing sales hurt the stock in after hours. This morning, that sentiment continued. It was lately trading in the preopen on

Instinet

at $74, down $8.69 from yesterday's regular-session closing price.

TheStreet.com

wrote more about

Yahoo!'s cautious words in an earlier story.

There's

more bad news, but this time from

Lucent

(LU)

, which said it would miss fourth-quarter earnings estimates. Not that

bad news is unusual from Lucent since it is the third time the company's warned this year. The stock was lately down $8.38 to $23. That's $1.38 down from where it closed in after-hours trading. And even though

Motorola's

(MOT)

earnings news was good, it was lately trading at $25.38, down 87 cents from its closing price in yesterday's regular session.

Meanwhile,

America Online

(AOL)

was getting an offer of $56.50, down from its closing price of $57.24 yesterday. This morning, the company got word that the

European Commission

approved its $135 billion acquisition of

Time Warner

(TWX)

. No trades have been made so far on Time Warner this morning.

Europe's major indices were lower at midsession, with France's

CAC-40

down 2.4%, Germany's

Xetra Dax

off 2% and the U.K.'s

FTSE 100

1.9% lower. Japan's

Nikkei 225

lost 2% overnight, while Hong Kong's

Hang Seng

dropped 2.8% (see today's

Asian Markets Update for more).

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