A couple of big name companies are preparing to raise new money as Wall Street starts a new week. Trading in Europe was mixed while Asian markets lost ground. Early indicators have the Dow set to open higher.
Exodus Communications (Nasdaq: EXDS) said that it would sell up to 13 million shares of common stock and $500 million in convertible subordinated notes in public offerings. The company said the new funds would be used principally to grow the business.
Japanese telecom giant NTT's (NYSE: NTT) DoCoMo, which recently bought a stake in AT&T Wireless (NYSE: AWE), said it will sell 400,000 new shares for $7.14 billion to bankroll an aggressive acquisition drive.
In an effort to boost slowing sales, software giant Microsoft (Nasdaq: MSFT) said it will be renaming and repositioning its core Windows and Office products to highlight a shift toward Internet-based software and services. The products will be called Windows XP and Office XP, with the XP standing for experience, the company said.
Techs reporting earnings after market close include XO Communications (Nasdaq: XOXO), TriQuint Semiconductor (Nasdaq: TQNT) and Apropos Technology (Nasdaq: APRS).
Expect the following technology stocks to be among Monday's most actively traded issues: Computer Sciences (NYSE: CSC), NBC Internet (Nasdaq: NBCI) and TriQuint.
The Nasdaq shed 122.29 to 2,660.50 at market close Friday while the Dow Jones industrial average lost 119.53 to 10,864.10.
At the Bell
The Dow Jones industrial average is expected to open up 22 points. The Standard & Poor's 500 futures index rose 2.70 to 1356, above fair value at 7:17 a.m. EST in 24-hour electronic trading.
The Inter@ctive Week @Net Index lost 17 to 289.72.
The major Asian markets lost ground. Both Hong Kong's Hang Seng and the Nikkei 225 fell triple-digits, down 240.45 to 15,830.84 and 318.11 to 13,385.52, respectively. Singapore's Straights Times traded down 23.21 to 1,953.39.
European markets saw mixed trading. London's FTSE 100 moved up 12.90 to 6,269.30, the CAC 40 in Paris slipped 16.82 to 5,809.55 and the DAX in Frankfurt lost 29.84 to 6,608.36 at 7:07 a.m. EST.
Reuters contributed to this report.