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.
S&P 500 futures on
lately were up 3.5 to 1455, about 2 points above fair value. The thinly traded
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
up 0.7%, Germany's
up 0.5% and France's
up a fraction (see today's
European Midday Update for more). Japan's
gained 0.6% overnight, while Hong Kong's
jumped 2.3% (see today's
Asian Markets Update for more).
In thin preopen
was up 7/16 to 65 on 200 shares and
was down 1/4 to 43 1/4 on 100 shares.
Last Night's After-Hours Trading
Welcome to Fantasy Island ECN.
In a sparkling IPO debut today,
, 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
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
Congratulations are in order to the mother company.
Technical Chemicals & Products
glowed on the top of
ECN's most-actives list after its subsidiary,
, said it will acquire
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.
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
, 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!
Thomas Weisel Partners
Spectra Diode Laboratories
on Tuesday, the fiber-optic network company has been heading north. Vertigo hit after the company extended its contract with
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.
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
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.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.