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MARKET PREVIEW: Wall Street gets hung up

Weak sales from cellular phone giant Nokia is the latest bit of bad news to hit slumping markets. The major Asian markets were mixed while those in Europe traded lower. Early indicators have the Dow set to open lower.


Mobile phone giant Nokia (NYSE: NOK) said that it sold more than 128 million mobile phones worldwide in 2000, representing 64 percent growth from the year before. Analysts, however, had been calling for some 440 million sales. The company's shares slipped 14 percent in pre-session trading.

After Monday's close, (Nasdaq: AMZN) said its fourth-quarter sales improved more than 40 percent to $960 million. However, the figure is still about $40 million short of analysts’ expectations.

Expect the following technology stocks to be among Tuesday's most actively traded issues: i2 Technologies (Nasdaq: ITWO), Quokka Sports (Nasdaq: QKKA) and SeeBeyond (Nasdaq: SBYN).

The Nasdaq continued to slide, dropping 11.73 to 2,395.92 on Monday while the Dow Jones industrial average shed 40.66 to 10,621.35.

At the Bell

The Dow Jones industrial average is expected to open down 28 points. The Standard & Poor's 500 futures index lost 3.50 to 1306.00 at 7:25 a.m. EST in 24-hour electronic trading.

The Inter@ctive Week @Net Index shed 1 to 263.90.


The major Asian markets were mixed. The Nikkei 225 saw yesterday's gains evaporate, losing 257.10 to 13,610.51. Hong Kong's Hang Seng and Singapore's Strait Times both moved up, gaining 64.06 to 15,500.59 and 16.87 to 1,968.07, respectively.


European markets lost ground. London's FTSE 100 slipped 60.70 to 6,088.90, the CAC 40 in Paris was off 80.69 to 5,652.11 and the DAX in Frankfurt shed 2.94 to 6,389.23 at 7:11 a.m. EST.

Reuters contributed to this report.