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MARKET PREVIEW: Nasdaq eyes 5,000

Techs will watch for news from Qwest Communications and eye the 5,000 benchmark for the Nasdaq Monday. Asian and European markets were mixed, and the Dow is set to open slightly lower.


Qwest Communications International Inc. (NYSE: Q) admitted Sunday night that it is in discussions with an undisclosed company about a possible purchase of Qwest and US West, but Deutsche Telekom has refused to comment. The proposed purchase of US West Inc. (NYSE: USW) by Qwest could be on shaky ground now, after US West threatened to sue Qwest if it tries to break the deal, and demanded it give details about any discussions it may be having.

Chipmakers Intel Corp. (Nasdaq: INTC) and Advanced Micro Devices Inc. (NYSE: AMD) should also see some action Monday. AMD announced it would leapfrog Intel with the first 1-gigahertz chip for personal computers. Meanwhile, Intel just announced its intent to invest in "scores" of companies this year as part of a strategy to shift its focus from microchips to the internet economy.

Expect the following technology stocks to be among Monday's most actively traded issues: Intel, Lockheed Martin, Scientific Atlanta and Wireless Telecom Group.

A better-than-expected jobs report ignited blue-chip and technology stocks Friday, sending the Dow Jones industrial average up 202 points while the Nasdaq composite shot up 160 points to a record close of 4,914.30.

At the Bell

The Dow Jones industrial average may open about 1 point lower. The Standard & Poor's 500 index for June futures contracts was down 0.2 points to 1410 at 7:31 a.m. EST in 24-hour electronic trading.

The Inter@ctive Week @Net Index was up 30 to 658.98.


Trading in Asia was mixed. The Nikkei 225 lost 0.66 percent to 19,796, Singapore's Strait Times index gained 0.14 percent to 2,119 and Hong Kong's Hang Seng was up 2.74 percent to 17,758.


European markets were also moving in different directions. London's FTSE 100 rose 0.61 percent to 6,527. The CAC 40 in Paris gained 0.66 percent to 6,557 and the Xetra DAX in Frankfurt was even at 7,959 at 7:11 a.m. EST.

Reuters contributed to this report.