Preopen Trading: Positive Tone in Place Ahead of Jobs Data - TheStreet

There's a modestly positive tone in preopen futures trading, but that's really just a placeholder ahead of the 8:30 a.m. EDT employment report.

The

S&P 500 futures on

Globex

lately were up 3.5 to 1455, about 2 points above fair value. The thinly traded

Nasdaq 100

futures were up 9.5 to 3522.

Europe's major bourses were on the plus side but not dramatically so, with the U.K.'s

FTSE 100

up 0.7%, Germany's

Xetra Dax

up 0.5% and France's

CAC 40

up a fraction (see today's

European Midday Update for more). Japan's

Nikkei 225

gained 0.6% overnight, while Hong Kong's

Hang Seng

jumped 2.3% (see today's

Asian Markets Update for more).

In thin preopen

Island

trading,

Microsoft

(MSFT) - Get Report

was up 7/16 to 65 on 200 shares and

BroadVision

(BVSN) - Get Report

was down 1/4 to 43 1/4 on 100 shares.

Last Night's After-Hours Trading

By Angela Privin
Staff Reporter

Welcome to Fantasy Island ECN.

In a sparkling IPO debut today,

ONI Systems

(ONIS)

, a San Jose, Calif.-based tech company, jumped 57 9/16, or 230%, to 82 9/16. In today's less-promising IPO market, the dramatic run-up hearkened to the heady days of IPO heaven.

The newcomer made an early appearance at the bottom of the

Island

most-actives list, 2 points in the red, then quickly retreated from the public eye, back to its green haven. It was lately trading up 7/16 to 83 on Island.

The company develops and sells all-optical networking equipment designed to reduce bandwidth and service bottlenecks. To find out more about ONI Systems check out an

article from

TheStreet.com/NYTimes.com

joint newsroom.

Congratulations are in order to the mother company.

Technical Chemicals & Products

(TCPI)

glowed on the top of

Island

ECN's most-actives list after its subsidiary,

TCPI Holdings

, said it will acquire

Roche Diagnostic's

worldwide over-the-counter pregnancy and ovulation self-testing business.

Technical Chemicals makes medical monitoring and testing kits for glucose, cholesterol, diabetes, drug, STDs and other at-home tests.

TCPI rode up 3/16 to 1 1/16 on 210,000 Island shares.

Battered

UTStarcom

(UTSI) - Get Report

managed to limp slightly higher in after-hours action, but the move hasn't gone terribly far in healing the company's day-session wounds.

During the session, the Alameda, Calif.-based wireless-phone equipment company collapsed 17 9/16, or 47.9%, to an all-time closing low of 20 11/16 after announcing that China delayed deployment of a technology UTStarcom uses. The company said it didn't expect the delay to hurt its second- or third-quarter results, but that didn't stop the pummeling.

After the close, UTStarcom recovered 1 5/16 to 22 on 40,000 Island shares, while

Qualcomm

(QCOM) - Get Report

, also competing in the Chinese wireless-equipment business, fell 5/32 to 68 29/32 on 50,000 Island shares after a day-session gain of 4%.

It's good to be a fiber-optic tech stock!

Ever since

Thomas Weisel Partners

upgraded

Spectra Diode Laboratories

(SDLI)

on Tuesday, the fiber-optic network company has been heading north. Vertigo hit after the company extended its contract with

JDS Uniphase

(JDSU)

to provide parts for the telecommunications networking giant through 2001. Today, in the midst of exuberant tech buying it rose another 10% and continued its stride higher after-hours on growing demand for its products and intoxicating investor momentum. It was lately up 4 1/16 to 253 5/8 on 20,000 Island shares.

To

InfoMove

you need

InfoSpace

(INSP) - Get Report

.

Yesterday's deal between the Internet companies will be the joy of men who hate to stop and ask for directions. InfoMove is the first company to deliver real-time, personalized, location-based Internet applications to drivers and InfoSpace's wireless Internet platform will supply information on restaurants, hotels, weather, maps, directories and yes, even those addictive stock quotes and horoscopes.

The news drove investors to buy InfoSpace stock both yesterday and today. It rose more than 15% during the day and popped another 3/8 to 50 1/4 at night on 18,000 Island shares.

The day session was an exercise in exaggeration as

Superconductor Technologies

(SCON) - Get Report

ramped up 46% after announcing a new product for high-speed wireless data and wireless Internet access.

Night owls took some light profits, easing the California-based, wireless-communications company down 1/16 to 20 7/16 on 20,000 Island shares.

This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY) . For further information, please contact Instinet at www.instinet.com.

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EDT.

Confused?

TheStreet.com

explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.