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After yesterday's slippery performance -- the Dow closed down 0.4%, while the


dropped 2.7% -- the market looks poised this morning to open on firm ground.


S&P 500 futures on


lately were up 2.6 to 1484, about eight points above

fair value as calculated by

Prudential Securities

, and indicating positive sentiment for the open. The thinly traded

Nasdaq 100

futures were up 21.5 to 3841, about 14 points above fair value as calculated by

, and showing upward pressure for the Nasdaq's start.

In preopen action,


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was booming, with 70,000 shares changing hands on


. The stock was lately up to 137 from its 128 1/2 closing price.

The Wall Street Journal

reported this morning that

Deutsche Telekom

(DT) - Get Dynatrace, Inc. Report

is confident that its $44.6 billion proposal to purchase VoiceStream will overcome U.S. lawmakers' objections. What's more, the


notes that VoiceStream investors will reap huge gains from the deal. Share prices for both companies

fell Monday.

Also active on


this morning is

Texas Instruments

(TXN) - Get Texas Instruments Incorporated Report

. Shares of TI were lately up to 68 7/16 from Monday's 68 finish, with volume at 3,000. Last night, the world's No. 1 manufacturer of computer chips for mobile phones announced second-quarter earnings of 31 cents a share, beating the 25-analyst estimate by a penny and topping the year-ago 23-cent profit.

Additionally, the Dallas-based company announced that it expects accelerating growth in its core semiconductor business in the third quarter and is raising its capital expenditures for the year to $2.8 billion from $2.5 billion to meet strong customer demand.

Interstate Bakeries


also saw some movement in the early going. Shares of IBC were lately at 18, up from their 16 7/16 closing price. Monday, Interstate Bakeries announced an agreement with

Ralston Purina


to buy back 15,498,000 shares of IBC's common stock.

And finally,


(IBM) - Get International Business Machines Corporation Report

saw a bid this morning on


for 113. On Monday, Big Blue named Samuel Palmisano, a company veteran, as its president and COO and probable successor to chairman and CEO Louis Gerstner.

After midession trading, Germany's

Xetra Dax

was higher 0.11%. France's

CAC 40

was also ahead 0.07%, while the U.K.'s

FTSE 100

was behind 0.15% (see today's

European Midday Update for more). Japan's

Nikkei 225

rose 0.16% overnight, while Hong Kong's

Hang Seng

dropped 1.61% (see today's

Asian Update for more).

Monday's After-Hours Trading

By David A. Gaffen
Staff Reporter

Imagine your big brother, the bully from across the street, or grandma (take your pick) smashing your favorite toy to pieces with a crowbar after you come home with your report card.

That's what after-hours trading looks like tonight -- most companies that reported earnings post-close are getting knocked down, with



taking the worst beating of all.

Now, Affymetrix is not a prehistoric bird (that's

Archaeopteryx) but the stock is getting bombed into the late Jurassic Period in post-close action. The supplier of genetic technology posted a larger-than-expected loss in its second-quarter earnings report, and it's been lights out ever since.

The stock was down 16.25 to 178.75 on 19,604


ECN shares, making it Island's 10th-most active. The company reported a 22-cent loss per share for the second quarter, way short of the

First Call/Thomson Financial

nine-broker consensus for a 15-cent loss. The company narrowed losses from the second quarter 1999, when it lost 33 cents a share, but officials, in a press release, offered no explanation for missing Wall Street's estimates.

The most actively traded stock on


is chipmaker

Texas Instruments

(TXN) - Get Texas Instruments Incorporated Report

, and it was one of the few companies that showed a nice gain in post-close trading.

The company's stock was getting a bump in after-hours trading following the release of its second-quarter earnings report. Texas Instruments reported earnings of 31 cents per share, beating the

First Call/Thomson Financial

25-broker estimate of 30 cents a share.

Investors cheered the stock, which rose 5 to 68 on 362,000 Instinet shares.

Naming your own prices for toilet brushes and third-class tickets to

Grand Rapids, Mich., hasn't been the easiest way to get one's company to profitability, as


has learned.

But, that doesn't mean it won't happen, officials said in today's earnings call (unless they're just naming their own price for earnings). Officials estimated that priceline would achieve said profitability between the fourth quarter 2000 and the first quarter of 2001, the market said "poppycock" to that after

today's earnings report, but investors are taking the opportunity to sell those shares.

The stock dropped 22% to 31 1/8 during the regular session, but it regained some lost ground tonight, bumping up 1.285 to 32.41 on 69,500 Island shares. priceline reported a loss of 1 cent per share earlier today, besting the

First Call/Thomson Financial

19-broker consensus for a 3-cent loss.

Another stock down in night-owl action is


(AKAM) - Get Akamai Technologies, Inc. Report

. The company reported a 50-cent per share loss for the second quarter, besting the

First Call/Thomson Financial

consensus of eight brokers for a 57-cent loss for the quarter.

The stock was down 5.4453 to 102.4297 on 47,600 Island shares.

More bad news can be found under

Red Hat


, which announced the resignation of Harold Covert, the company's CFO. The announcement, which came post-close, was enough to knock the stock down 1.1875 to 22.5625 on 24,300 Island shares.

Covert is leaving to become CFO at



, and Red Hat presumably will find another person to fill the position, unless it doesn't want to, and they're happy being who they are.



, one of the regular session's most active stocks, wasn't done in after-hours trading. It rose 72.5 cents to 11.1 after the semiconductor maker said it developed new components designed to link control and monitoring functions in lasers used in fiber optic networks.

The stock gained 7% on 211,300 Island shares, after rising 55% during the regular session.

On the other hand, there isn't a logical reason to explain the activity in

Liberty Digital


, one of the most actively traded on Instinet this evening. The stock lost 25 cents to 27.625 on 118,000 Instinet shares, but about the only piece of information disseminated today was an item about MTV's new website for Total Request Live. (Just so you can request that Britney Spears number one more time).

Liberty has a stake in MTVi Group (the parent of MTV, which is rumored to be playing a video right about now).

This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY) . For further information, please contact Instinet at

Island ECN, owned by Datek Online Holdings, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EDT.


explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.