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To: Danny who wrote (105969)	7/12/2000 8:06:30 AM
From: H James Morris	Respond to of 164684

>LONDON, July 12 (Reuters) - Wall Street was set for a higher opening on Wednesday as U.S. stocks in Europe firmed, buoyed by relief that Internet firm Yahoo Inc. <YHOO.O> produced better than expected results. U.S. stock futures pointed to a stronger opening for Wall Street. September S&P futures edged up 7.13 points on fair value at 1,503.00 by 1100 GMT, indicating a move higher for the Dow Jones industrial average. Nasdaq futures were up 60.83 points on fair value at 3,851.0. "The markets look quite a bit firmer this morning. Yahoo's earnings helped that stock," said one dealer in London. "I think the (U.S.) market is going to open quite a bit stronger." Shares in Yahoo headed $13-1/2 above New York's close to $119 on the electronic brokerage Instinet after reporting higher than expected earnings in the second quarter and said its revenues more than doubled. The Internet media firm reported second quarter pro forma net income, excluding certain unusual items, of $74 million or 12 cents per diluted share. The consensus analyst forecast was 10 cents per share. PaineWebber Group Inc. <PWJ.N> was quoted at $68-1/2 compared to the U.S. close of $49-15/16 after Swiss financial group UBS AG <UBSZn.S> <UBS.N> said it had offered to buy the brokerage for $10.8 billion. The Swiss firm said it would offer shareholders in PaineWebber $73.50 a share. One trader quoted JDS Uniphase Corp. <JDSU.O> shares, which have taken a beating since announcing plans to buy rival SDL Inc. <SDLI.O>, up $1 on the U.S. close at $96-11/16. Electronic commerce applications provider BroadVision <BVSN.O> was also quoted higher at $37 compared to its U.S. close of $35-1/16. 07:15 07-12-00