Motorola's larger-than-expected loss could derail the tech rally. Asian markets were up, Europe was mixed, and the Dow is set to open higher.
Just as the Dow Jones industrial average crept above 10,000 for the first time since mid-March and the Nasdaq was starting a cautious rally, Mototorola (NYSE: MOT) posted its first loss in 15 years. The wireless phone maker reported a 9-cent-a-share loss for the first quarter Tuesday, 2 cents wider than Wall Street was expecting. It also failed to give projections for the second quarter or the rest of 2001 pending a conference call this morning.
Investors will have their eye on Yahoo (Nasdaq: YHOO) Wednesday, which reports its earnings after the closing bell. The Web portal is expected to break even.
Expect the following technology stocks to be among Wednesday's most actively traded issues: Amazon, E*Trade, Motorola and Versant.
Blue-chip and technology stocks both posted strong gains Tuesday as the Nasdaq composite sprinted up 106 points to 1,851.96, while the Dow Jones industrial average gained 258 points to finish at 10,102.74.
At the Bell
The Dow Jones industrial average may open 39 points higher. The Standard & Poor's 500 index for June futures contracts was up 4.5 points to 1176 at 7:15 a.m. EDT in 24-hour electronic trading.
The Inter@ctive Week @Net Index gained 15 to 167.52.
Trading in Asia was up. The Nikkei 225 jumped 554.66 to 13,174.93, Singapore's Strait Times index rose 11.08 to 1,616.2 and Hong Kong's Hang Seng rose 492.76 to 12,706.43.
European markets were mixed. London's FTSE 100 fell 24.00 to 5,779, the CAC 40 in Paris gained 12.60 to 5,343.83 and the Xetra DAX in Frankfurt was up 47.93 to 5,961.77.
Reuters contributed to this report.