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No love here.

Early futures action is not pretty.

Nasdaq 100

futures on


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

Prudential Securities

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

Last night,



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


TheStreet Recommends

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.


America Online


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


. 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

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.