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MARKET PREVIEW: Investors eye Emulex

Investors begin the week with news of a warning from Emulex, as the Nasdaq tries to hold on to 2001 gains. Europe markets moved up while trading in Asia was mixed. Early indicators have the Dow set to open higher.


The Nasdaq composite index begins the week just 0.45 of a point above its 2000 close. The tech-laden index has seen a 15 percent gain in the new year evaporate in just 12 trading sessions.

Shares of fiber-optics company Emulex (Nasdaq: EMLX) fell 14 percent in pre-session trading after the company warned that it would miss fiscal third-quarter numbers, due to customer order delays.

Ebay (Nasdaq: EBAY) should be another stock to watch. According to sources cited in a Wall Street Journal report, the online auctioneer is in talks to buy French online auctioneer iBazar Group for about $92 million in stock.

Four months after oral arguments were heard, a decision is expected today in the record industry's suit against music-sharing site Napster. According to the company, a preliminary injunction granted against Napster would result in the suspension of operations.

Expect the following technology stocks to be among Monday's most actively traded issues: Electronic Data Systems (NYSE: EDS), Open Market (Nasdaq: OMKT) and Critical Path (Nasdaq: CPTH).

The Nasdaq ended last week down 91.09 to 2,470.97 while the Dow Jones industrial average fell 99.10 to 10,781.45.

At the Bell

The Dow Jones industrial average is expected to open up 20 points. The Standard & Poor's 500 futures index rose 2.5 to 1324 at 7:19 a.m. EST in 24-hour electronic trading.

The Inter@ctive Week @Net Index dropped 14 to 259.28.


The major Asian markets were mixed. Singapore's Straights Times gained ground, 16.81 to 1,990.18, while Hong Kong's Hang Seng fell 180.17 to 15,693.11. The Nikkei 225 was closed due to a holiday.


European markets traded higher. London's FTSE 100 moved up 40.30 to 6,204.60, the CAC 40 in Paris gained 26.32 to 5,738.68 and the DAX in Frankfurt was up 38.05 to 6,535.12 at 7:09 a.m. EST.

Reuters contributed to this report.