Earnings preannouncements continue to grab the spotlight as investors stay focused on the prospect of slowing corporate profits in the third and fourth-quarters. Still, at least some of the forecasts are giving investors a reason to cheer.

Sunglass, sportswear and accessory maker

Oakley

(OO)

said last night its earnings future looks so bright, it has to wear shades. Oakley said it expects to see net sales rise by 40% for the third quarter and sees earnings-per-share of at least 21 cents. That's better than the four-analyst estimate of 18 cents according to

First Call/Thomson Financial

. Shares of Oakley were trading at $17.94, up from yesterday's close of $16.50 on the NYSE, but lower than the $20.25 level it traded during yesterday's postclose session.

WorldCom

(WCOM)

was up a notch on

Instinent

to $30.38, from yesterday's close of $30.

Siebel Systems

(SEBL)

was trading at $88 on Instinet, down from a regular close of $88.38 after it said yesterday it agreed to acquire Canada's

Janna Systems

in a stock swap valued at about $975 million, boosting Siebel's software products for financial firms.

Under terms of the deal, each outstanding Janna share would be exchanged for 0.497 shares of Siebel. The deal will result in Siebel issuing up to about 11 million additional shares.

The

S&P 500 futures on

Globex

lately were down 1 to 1513, about 3.45 points above fair value. The thinly traded

Nasdaq 100

futures were down 3.5 to 3780, about 9.17 points above fair value.

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

CAC-40

down 0.4%, Germany's

Xetra Dax

slipping 0.9% and the U.K.'s

FTSE 100

falling 0.3% (see today's

European Midday Update for more). The

Nikkei 225

index shed 90.67 to close at 16,040.23, while the

Topix

index, which includes all shares listed on the

Tokyo Stock Exchange's

first section, fell 6.33 to finish at 1470.94. The

Jasdaq

small-cap index lost 1.01, or 1.3%, to stand at 78.32, while the Nikkei over-the-counter index lost 19.11, or 1.1%, to end the day at 1654.82.

(See today's

Asian Markets Update for more.)

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