The market is expected to slip at the opening bell as investors remain insecure, viewing the current environment pessimistically. However,
was benefiting from news reports suggesting the
Federal Communications Commission
could give its approval to the proposed merger between AOL and
as early as today.
Lately both the
S&P 500 futures and the
futures were trending lower, indicating a soft open for the stock market. The S&P 500 futures were down 8.9 points to 1300.60, nearly 10 points below fair value, while the Nasdaq 100 futures traded at 2280, down 46 points, or 55 points below fair value.
Wall Street Journal
reported this morning that the FCC could approve the America Online/Time Warner transaction by today, although there remain a few hurdles for the companies. AOL was up 6.9%, gaining $2.77 to $42.80, making it the strongest gainer in terms of percentage in preopen trading. Just 6,500 shares had changed hands on
Earnings season is beginning to heat up, with Internet bellwether
expected to report earnings following the close of trading today. Yahoo! was down 31 cents to $29.81 in preopen trading, according to Instinet.
The most active stock in preopen action was
, which continued to lose ground after the company's handset sales
disappointed analysts yesterday. The stock was down $1.44 to $37.75 on 24,500 Instinet shares. The day's biggest loser so far was
, lately down $4.50 to $32.44, a 12% loss, on no news. However, just 1,000 shares had traded in the stock.
European markets were hurt overnight. In France, the
was lately down 38.23 to 5624.96; Germany's
tumbled 103.87 to 6300.65; and in the United Kingdom, the
fell 25.8 to 6062.3. Major Asian markets had a poor day. Hong Kong's
dropped 64.80 to close at 15,435.79, while Japan's
lost 177.86 to finish at 13,432.65.
For Tuesday's postclose trading, see The Night Watch.