Stocks are looking to open weaker Thursday as traders focus on some negative corporate news. The big weight on the market is Cisco Systems Inc., which suggested that it may record a decline in sales for the current quarter due to lower demand. Also, sales look slower at retailers Wal-Mart Stores Inc. and Costco Wholesale Corp.

There is some positive economic news this morning, though. U.S. jobless claims fell by 20,000 last week to 390,000, giving some hope that the weak U.S. job market may be turning around. It was also reported that U.S. productivity increased 4%, on lower costs. This should boost profits and restrain inflation.

In Europe today, both the European Central Bank and the Bank of England declined to follow the Fed in cutting rates. Both kept rates unchanged, despite speculation that yesterday’s big 50 basis point cut in the U.S. would drive European rates lower.

Still, European stock are down today. The Cisco news is hitting techs in the region. Diageo plc is down, too. And, Royal & Sun Alliance Insurance Group plc, said it would cut 25% of its workers. The FTSE is down 12 points to 4,092. The CAC 40 has dropped 44 points to 3,169. And, the DAX is down 79 points to 3,219.

Overnight in Asia stocks were mixed. The Nikkei dropped 33 points to 8,920. The Hang Seng was stronger though, gaining 70 points to 9,844.

The only economic news in Canada is the Help-wanted Index, which fell in October for the third consecutive month, down 2.7% from September to 120.9.

In earnings news, AT&T Canada Inc. recorded a net loss for the quarter of $256.8 million, compared to a loss of $232.5 million in the third quarter 2001.

Devon Energy reported net earnings of $62 million, this compares to third quarter 2001 net earnings of $85 million.

Zarlink Semiconductor Inc. recorded a better than expected second quarter net loss of US$11.9 million. In comparison, the company recorded a net loss of US$19.7 million in the second quarter last year.

Trizec Canada Inc. reported a net loss of $89.5 million, compared to a loss of $108.5 million for the same period in 2001.

Ultra Petroleum Corp. reported earnings of $961,286, compared to $1,647,133 for the same period in 2001.

And, Assante reported net earnings of $5.7 million, up $9.1 million from the net loss of $3.4 million during the same period last year.