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Preopen Trading: Nokia Down After Profit-Taking

Stocks set for downticks at the bell; Europe drops, Asia mixed.
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In premarket action,


(NOK) - Get Nokia Corporation Sponsored American Depositary Shares Report

was hit by profit-taking, trading at $44.13, off 87 cents from Tuesday's closing price of $45. Yesterday, the telecom giant said it made a pact with wireless phone operator


to develop applications for third-generation UMTS mobile networks in Italy.

This morning, Nokia said it was awarded an expansion deal for China Unicom valued at more than $100 million.



was also trading higher at $47.25, up 25 cents from its close of $47. This morning

WR Hambrecht

rolled out coverage of the telecom stock with a buy rating and a $100 price target.



was bid at $4, off $1.15 from Tuesday's close of $5.15. After the closing bell, the Web software maker warned investors that it would report third-quarter loss between 5 cents to 8 cents a share, missing the five-analyst estimate of a 2 cent profit. The company also warned that it would post break-even results in the fourth-quarter, also coming in below the five analyst estimate of a 6 cent profit.

But strong quarterly results may cook up gains in the early going for restaurant chain operator

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(DRI) - Get Darden Restaurants Inc. Report

. The company posted first-quarter earnings of 46 cents a share, topping the 14-analyst estimate of 41 cents and up from the year-ago 35 cent profit.

Stocks are set for downticks at the opening bell. The

S&P 500 futures on


lately were off about 1 to 1477.40, about 1 point below fair value as calculated by

Prudential Securities

. Fair value is a good gauge of how stocks will perform in the early going.


Nasdaq 100

futures were down 22.50 points to 3781.50, about 34 points below fair value, as calculated by

, and indicating that tech stocks are poised to open to the downside.

Europe's major indices were tentatively in the red, with France's


off 0.3%, Germany's

Xetra Dax

down 0.4% and the U.K.'s

FTSE 100

0.5% lower. Japan's

Nikkei 225

mounted 2.07% overnight, while Hong Kong's

Hang Seng

slipped 0.07% (see today's

Asian Markets Update for more).