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Preopen Trading: Yesterday's Misery Looks to Continue for Stock Market

Nasdaq futures are deep in the red after Apple's bite, despite the stock's slight preopen rebound.
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No indication of a repeat of Tuesday's rally this morning. The

S&P 500 futures on


lately were down 1 to 1353, about 18 points below fair value as calculated by

Prudential Securities

. The thinly traded

Nasdaq 100

futures were down 30 points to 2695, almost 110 points below fair value as calculated by


Meanwhile, in preopen trading on electronic brokerage





was rebounding a bit from the fall it caused in yesterday's regular session. The stock

warned after the record-setting rally Tuesday and sent everything tech back down.


(MSFT) - Get Microsoft Corporation (MSFT) Report

still hasn't recovered and lately was down $2.69 to $54.

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warning and announcing job cuts last night,



hadn't traded yet this morning. Neither had


(HAS) - Get Hasbro, Inc. (HAS) Report

, which said its 2000 earnings would miss estimates by

a lot. It lately had been offered at $11, which would be down 56 cents.

Europe's major indices were mixed at midsession, but those rallying were starting to fade. France's


was barely higher, up 0.02%, Germany's

Xetra Dax

was up 0.14% and the U.K.'s

FTSE 100

was 0.65% lower. Japan's

Nikkei 225

lost 1.14% overnight, while Hong Kong's

Hang Seng

slipped 0.58%.

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