We examine transport through a quantum dot coupled to three ferromagnetic leads in the regime of weak tunnel coupling. A finite source-drain voltage generates a nonequilibrium spin on the otherwise nonmagnetic quantum dot. This spin accumulation leads to magnetoresistance. A ferromagnetic but current-free base electrode influences the quantum-dot spin via incoherent spin-flip processes and coherent spin precession. As the dot spin determines the conductance of the device, this allows for a purely magnetic transistorlike operation. We analyze the effect of both types of processes on the electric current in different geometries.
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