CAROL LIN, CNN ANCHOR: Well, let's check those Wall Street conditions. Yesterday, tech got hit pretty hard first thing in the week. Deborah Marchini has the latest on what is expected for today.</s>DEBORAH MARCHINI, CNN CORRESPONDENT: Good morning. Well, early on, it was looking like the stock market would rally after yesterday's big losses in the Nasdaq. But that Nasdaq index has turned around and now points to a lower open for Nasdaq stocks -- about break-even for the Dow industrials. The turnaround came after JDS Uniphase, which is the world's largest supplier of fiber-optic components, released disappointing results, said it's cutting 5,000 jobs, about 20 percent of its work force. JDS also warned about the quarter we're in now. JDS shares are down $2 in premarket trading. Lucent Technologies also missed Wall Street forecasts. The troubled telecom equipment maker lost $1.3 billion in the latest quarter. It set aside a lot of money for bad debts to customers that owe it -- Lucent shares up 60 cents in premarket trading. The reason for that is speculation that JDS Uniphase may buy Lucent's fiber-optic business. JDS Uniphase has scheduled a conference call for 8:00 a.m. Eastern. And venerable telecom giant AT&T; edged past earnings expectations, but it warned about the current quarter. It pointed to stiff competition and lower long distance telephone prices -- AT&T; shares down 3/4 of a point in premarket trading. Along with the telecom sector, investors will focus on those computer makers. That's after Compaq Computers said late yesterday net income plunged 74 percent because of weak PC sales. Compaq is also going to cut another 2,000 jobs on top of the 5,000 previously announced. That's a look at the business headlines for now.
Signs Point to Lower Open on Nasdaq