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Preopen Trading: Open Looks Strong After Quiet Off-Hours Session

Tech bellwethers IBM, Cisco and Nextel trade up in thin volume.

The preopen trading session was shaping up as a quiet one, with fractional moves in some tech bellwethers.

IBM

(IBM) - Get Report

was lately trading at $123.75 on

Instinet

, up a notch from Monday's close of $123.25 in regular trading.

Cisco

(CSCO) - Get Report

traded at $60.25 on Instinet, up from $60.06 in regular trading after coming under pressure from concerns about sales demand from phone companies.

The

S&P 500 futures on

Globex

lately were up 4.2 to 1471, about 7 points above fair value and indicating some strength at the open. The thinly traded

Nasdaq 100

futures were up 39.6 to 3682.5.

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

CAC 40

down 0.7%, Germany's

Xetra Dax

TheStreet Recommends

off 0.4% and the U.K.'s

FTSE 100

down 0.4% (see today's

European Midday Update for more). Japan's

Nikkei 225

lost 0.8% overnight, while Hong Kong's

Hang Seng

slipped 0.4% (see today's

Asian Markets Update for more).

Elsewhere in preopen

Island

trading,

Nextel

(NXTL)

was up 19 cents to $47.50, from a regular trading close of $47.31 on a thin 2,000 shares.

Online auctioneer

eBay

(EBAY) - Get Report

was up 44 cents to $66.50, from a close of $66.06, also on a mere 2,000 shares.

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