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Preopen Trading: Whisper Number Edges Oracle Higher

Conexant, Globex futures up; European indices rise, Asian are mixed.

Software giant

Oracle

(ORCL) - Get Report

was edging higher in preopen trading, ahead of its first-quarter earnings. The stock traded at $83.75 on

Instinet

, up from a regular trading close of $81.81 yesterday. While analysts expect the company to earn 13 cents, a whisper number, or the number investors hope it will meet, is floating at 14 cents.

Conexant Systems

(CNXT) - Get Report

was climbing higher in preopen, up to $41.50 on Instinet, from $37.06 in regular trading. The company announced last night that it will spin off its Internet infrastructure business. Investors were clearly happy about the news. It was the most heavily traded stock on Instinet last night, up $5.69, or 15.3%, to $42.75.

Elsewhere in preopen Island trading, Conexant was up 1.31 to $38.38.

The

S&P 500 futures on

Globex

lately were up 1 to 1508.5, about 2.94 points above fair value.

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Europe's major indices were on the rise with, with France's

CAC-40

up 0.9%, Germany's

Xetra Dax

up 0.8% and the U.K.'s

FTSE 100

up 1.1% (see today's

European Midday Update for more). Japan's

Nikkei 225

gained 0.1% overnight, while Hong Kong's

Hang Seng

shed 1.4% (see today's

Asian Markets Update for more).

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