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MARKET PREVIEW: Wall Street turns to earnings

U.S. investors will eye a host of earnings reports set to be released this week. The major markets Europe fell while trading in Asia was mixed. Early indicators have the Dow set to open higher.


The attention of Wall Street will be on corporate earnings, with Yahoo! (Nasdaq: YHOO), Motorola (NYSE: MOT) and Ariba (Nasdaq: ARBA), among others, all reporting earnings this week.

VerticalNet (Nasdaq: VERT) said on Monday that company co-founder Michael Hagan will be the company's new president and CEO, replacing the departed Joseph Galli, who is leaving to head Newell Rubbermaid Inc.

Broadband services provider Net2000 (Nasdaq: NTKK) said that it anticipates reporting fourth quarter financial results that will meet or exceed analyst estimates.

Internet portal Terra Lycos, (Nasdaq: TRLY) and recording industry giant BMG Entertainment, a unit of Bertelsmann AG, said they will join forces in multi-million dollar advertising campaign to promote BMG artists and Lycos Music.

Expect the following technology stocks to be among Monday's most actively traded issues: Fairchild Semiconductor (NYSE: FCS), Iomega (NYSE: IOM), New Era of Networks (Nasdaq: NEON) and VerticalNet (Nasdaq: VERT).

Despite Wednesday's respite, U.S. markets ended down for the week. The Nasdaq slipped 159.18 to 2,407.65 on Friday while the Dow Jones industrial average dropped 250.40 to 10,662.01.

At the Bell

The Dow Jones industrial average is expected to open up 30 points. The Standard & Poor's 500 futures index rose 3.70 to 1308.20, above fair value, at 7:22 a.m. EST in 24-hour electronic trading.

The Inter@ctive Week @Net Index shed 27 to 264.73.


The major Asian markets were mixed. On the positive side, the Nikkei 225 gained 176.12 to 13,867.61. Hong Kong's Hang Seng and Singapore's Strait Times both fell, down 11.08 to 15,436.53 and 23.62 to 1,951.20, respectively.


European markets were in negative territory. London's FTSE 100 slipped 12.40 to 6,185.70, the CAC 40 in Paris was off 45.65 to 5,712.37 and the DAX in Frankfurt shed 2.49 to 6,379.82 at 7:09 a.m. EST.

Reuters contributed to this report.