After Friday's bloodletting, technology issues are hoping a positive futures outlook will translate into a turnaround on Tuesday. European and Asian markets moved up, while early indicators have the Dow set to open higher.
The beleaguered Nasdaq, which was hammered on warnings from Nortel Networks and Dell Computer, looks prepped for a little bargain-hunting on Tuesday. Many of the big names that lost ground on Friday--including Nortel Networks (NYSE: NT), JDS Uniphase (Nasdaq: JDSU) and Cisco Systems (Nasdaq: CSCO)--moved up in pre-session trading.
According to a Wall Street Journal report, Lucent Technologies (NYSE: LU) appears likely to succeed in raising $6.5 billion, to be used in implementing restructuring plans. The telecommunications-equipment maker has been struggling of late, reporting a $1.02 billion loss in its first quarter back in December.
Storage network player Crossroads Systems (Nasdaq: CRDS) may see some action ahead of its first-quarter earnings report. First Call consensus estimates call for a loss of 19 cents a share in the quarter on sales of $8.8 million.
Expect the following technology stocks to be among Tuesday's most actively traded issues: Crossroads Systems, Intuit (Nasdaq: INTU) and VA Linux Systems (Nasdaq: LNUX).
The Nasdaq closed Friday's trading session down 127.53 to 2,425.38 while the Dow Jones industrial average shed 91.20 to 10,799.82.
At the Bell
The Dow Jones industrial average is expected to open up 38 points. The Standard & Poor's 500 futures index rose 4.60 to 1310.10, above fair value, at 7:22 a.m. EST in 24-hour electronic trading.
The Inter@ctive Week @Net Index dropped 20 to 255.71.
The major Asian markets all gained ground. The Nikkei 225 rose 128.77 to 13,248.36, Hong Kong's Hang Seng moved up 36.40 to 15,527.36, and Singapore's Straights Times added 28.12 to 1,976.13.
European markets traded on the positive side, as well. London's FTSE 100 inched up 9.10 to 6,103.10, while the CAC 40 in Paris gained 40.59 to 5,625.34. The DAX in Frankfurt moved up 38.91 to 6,511.12 at 7:15 a.m. EST.
Reuters contributed to this report.