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As expected after those nasty postclose warnings from PC maker

Gateway

(GTW)

and chipmaker

Altera

(ALTR) - Get Report

,

Nasdaq 100

futures were tanking this morning and indicating a really ugly opening. They lately were down 59.5 points on

Globex

, or about 140 points below fair value as calculated by

TheStreet.com

.

S&P 500 futures were looking a little better, but were still down 12.2, or about 22 points below fair value as calculated by

Prudential Securities

.

Gateway, which said last night it would

badly miss fourth-quarter estimates, lately dropped 37.1%, or $11.50, to $19.50 on electronic brokerage

Instinet

. Altera, which also had

no good news, lately was spared some of the preopen bloodletting. In after-hours trading Wednesday, the stock was trading as low as $19.25 to $25.94.

Intel

(INTC) - Get Report

was the most actively traded stock this morning. The chipmaking giant lately was down 10.1%, or $4.31, to $38.44.

Europe's major indices were falling in reaction to (what else?) the aforementioned warnings, with France's

CAC-40

dropping 2.2%, Germany's

Xetra Dax

1.9% lower and the U.K.'s

FTSE 100

down 1.3%. Japan's

Nikkei 225

rose 1% overnight with help from

NTT DoCoMo

, which said it was buying a 16% stake in

AT&T Wireless

(AWE)

for $9.8 million. Hong Kong's

Hang Seng

slipped 1.3%.

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