While the stock market looks to open on solid ground this morning, much of the week's story will be written on Wednesday, Thursday and Friday when a considerable spate of economic data start to roll in.
Futures are pointing higher, but most market watchers are waiting for the numbers to try and get an idea what the
Federal Reserve will do at its next policy meeting at the end of June.
In early action, the
S&P 500 June futures contract was up 12.2, about 11 points above fair value. The
June contract was up 68, suggesting a fair bit of tech buying at the open. Futures may also be getting a bit of a boost from European action, as most of the major bourses were moving higher today.
As chronicled in Justin Lahart's
The Coming Week, this week's
NAPM report and May
employment report will likely be the two most important figures for the week. However, for a full look at all the numbers, take a look at
In preopening action a few stocks were trading with
continuing its recent slump, off 1/16 to 66. On the other end of the spectrum,
was trading up 3 3/4 to 43 1/2.
Friday's After-Hours Trading
As the sun set over Manhattan and the month of May, traders headed for the shore, leaving only the diehards and the beach-house deprived to push around after-hour action.
The token action on Friday night was more post-close clean up than aggressive activity.
was seeing a little action, though.
Our story starts in California. There was no news to the West. And only tragedy to the East. Alas, blood was spilled today, as 3/8 slipped away from the stock on almost half a million shares. This 23% loss left our protagonist hovering around 1 1/4.
And what now, to justify more than 100,000 Island shares traded on this eve of the beach weekend?
It is a familiar tale. Many tech and Internet companies have been scraping bottom lately. Just as these young firms get beaten down to their 52-week lows, late-night lurkers often sweep in on their bargain shopping stallions to stop the bleeding.
The chart for this financial outsourcing and e-business firm looks like a radical roller coaster, with a gut-wrenching, precipitous drop starting in March. Our hero hit its 52-week low today, and traders took a chance on this down-on-its-luck dot.com at first, but then reconsidered, leaving the company flat at 1 7/32.
No one needed mouth to mouth more than the barely breathing
U.S.A. Floral Products
. The flower distributor lost it rosy glow, when some early, albeit small, after-hours gains wilted into a 1/16 drop to 11/16. In day action, the stock rose 1/32, or 4%, to 25/32 today, as the Memorial Day holiday boosted flower sales.
had some news to show for its 2 1/4 spike to a round 200.
analyst Jim Liang raised earnings estimates for 2000 and 2001and reiterated his buy recommendation after the tech company said it expects significantly higher revenues and earnings for the June quarter.
SDL, which makes pump lasers for wave-division multiplexing, is more immune to the whims of the economy than most tech firms, according to
. And the company will benefit from low investor expectations, allowing for upside surprises, analysts added.
The stock gained 17% today on just under 8 million shares and was continuing to climb on 48,000
has been a tad hyperactive. It likes to spike and crash for no particular reason after hours. Often. Tonight it either ran out of Ritalin or caught the attention of a secret admirer, because the little bit of news out today was negative.
found a way to bypass expensive Rambus-based memory chips by integrating the graphics functions and memory controller on the same piece of silicon as the processor. That way, Intel can avoid the high cost of materials for low cost PC's.
Rambus rambled on anyway, rising 2 3/8 to 165 1/4 on only 11,000 shares.
was 1 1/8 higher to 154 on 7,000 shares after falling 1.4% during the day.
Night traders were recently posting complaints on message boards that the stock was overvalued, but they kept on buying anyway.
was downgraded to outperform from buy today by
Early evaluation of trials for the company's cancer vaccine showed that the overall survival rate for patients who took the vaccine were lower than patients on other drugs.
The company claimed that the evaluation was made when only half the patients had finished their two-year dosage of the drug and said it will continue the trial as an extension study.
Traders don't like to hear bad news, even with good excuses. Initially they sold, but have recently showed a little mercy. Lately, the stock was unchanged at 10 on 10,000 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.