One week after

AT&T

(T) - Get Report

said it is splitting itself into

four separate businesses,

WorldCom

(WCOM)

this morning said it is

creating a tracking stock for its consumer business. The consumer business will bring back the name used by the consumer group before it merged with WorldCom,

MCI

(MCI) - Get Report

, and will include consumer long-distance service. The company will distribute 100% of this MCI stake to shareholders.

Shareholders of WorldCom will get 1 share of MCI stock for every 25 shares of WorldCom. The stock recently was the most actively traded stock on electronic trading brokerage

Instinet

and lately dropped $2.75, or 11.6%, to $21.

Rambus

(RMBS) - Get Report

was bouncing up $2.56 to $47.50, after sliding 15.9% in yesterday's action after online trade magazine

Electronic Buyers' News

reported that

Intel

(INTC) - Get Report

would phase out its use of Rambus technology.

After yesterday's triple-digit gains in the

Dow and

Nasdaq, some of that optimism seemed to have scattered and futures were indicating a flat to negative opening. The

S&P 500 futures on

Globex

lately were down 6.50 to 1433.7, or about 5.5 points below fair value as calculated by

Prudential Securities

.

Nasdaq 100

futures were 22 lower to 3278, or about 31 points below fair value as calculated by

TheStreet.com

.

Europe's major indices were mixed at midsession, with France's

CAC-40

off 0.1%, Germany's

Xetra Dax

down 0.2% and the U.K.'s

FTSE 100

up 0.4%. Asian markets rallied. Japan's

Nikkei 225

jumped 2.3% overnight, while Hong Kong's

Hang Seng

rose 3.1% (see today's

Asian Markets Update for more).

Elsewhere in preopen trading, on

Island

Xilinx

(XLNX) - Get Report

was up down $4 to $68.44.

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

Senior editor Ellen Braitman chats with Christopher Edmonds, columnist for RealMoney.com, exclusively on TheStreet.com at 3 p.m. EST Wednesday, Nov. 1. Join them with your market and investment questions by logging on the home page.