No love here.
Early futures action is not pretty.
lately were down 54 points to 3106.0, about 121 points below fair value as calculated by
S&P 500 futures were down 3.9 to 1387.10, about 14 points below fair value as calculated by
. This adds up to strong downward pressure for the open. Did we say strong? Make that crushing.
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
at $74, down $8.69 from yesterday's regular-session closing price.
wrote more about
Yahoo!'s cautious words in an earlier story.
more bad news, but this time from
, 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
earnings news was good, it was lately trading at $25.38, down 87 cents from its closing price in yesterday's regular session.
was getting an offer of $56.50, down from its closing price of $57.24 yesterday. This morning, the company got word that the
approved its $135 billion acquisition of
. No trades have been made so far on Time Warner this morning.
Europe's major indices were lower at midsession, with France's
down 2.4%, Germany's
off 2% and the U.K.'s
1.9% lower. Japan's
lost 2% overnight, while Hong Kong's
dropped 2.8% (see today's
Asian Markets Update for more).
For Tuesday's postclose trading, see The Night Watch.