Most people don't look forward to Monday morning and that was certainly reflected this morning in the trading of stock futures.

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The

S&P 500 futures on the

Globex

exchange lately were down 4 to 1360, or about 3 points below

fair value, as calculated by

Prudential Securities

. The thinly traded

Nasdaq 100

futures, which track large-cap technology, were down 26 to 2620, more than 30 points below fair value as calculated by

TheStreet.com

. Fair value helps gauge how stocks will trade in early action.

Preopen trading was pretty quiet this morning. Embattled telecom giant

AT&T

(T) - Get AT&T Inc. Report

was getting a little trim on electronic brokerage

Instinet

after it reported fourth-quarter earnings that met lowered expectations. AT&T, which has been plagued by problems and disappointing results, was off 1.3% to $23. Its 52-week high is $61. The company warned in December that it would miss earlier earnings guidance and, at the time, slashed its quarterly dividend.

Business-to-business play

Ariba

TheStreet Recommends

(ARBA)

was 9% lower in preopen trading action. And networker

Cisco

(CSCO) - Get Cisco Systems, Inc. Report

was also lower, down 3.6% to $37. Cisco's CEO, John Chambers, was

quoted over the weekend as saying his company's business has been slow in January.

So it's little surprise that Europe's major indices were lower at midsession, with France's

CAC-40

down 0.5% and Germany's

Xetra Dax

off 0.2%. Across the Channel, the U.K.'s

FTSE 100

was off 0.1%.

Japan's

Nikkei 225

, however, jumped 1.1% overnight, while Hong Kong's

Hang Seng

-- open again for business after an extended holiday -- climbed 0.4%.

TheStreet.com's

global indices page tracks the major world markets.

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