Stocks are looking at another weak opening Wednesday. A string of disappointing corporate news is being blamed for the resurgence of doom and gloom. Hewlett-Packard cut its sales forecast after the bell last night, and Walt Disney Co. and Tenet Healthcare Corp. both lowered their earnings guidance.

The only economic news out today is generally bullish. U.S. worker productivity was up 5.1% in the third quarter, driven by stronger economic growth without any major pick up in hiring.

In Europe, the outlook isn’t much better. Both the economic and corporate news are weak. There is talk that the European Central Bank may have to cut interest rates. The euro is trading higher on the expectation of that cut. As well, German unemployment is up to its highest level in more than four years for November.

On the corporate side, Lloyds TSB Group plc is down today, after it said it would have to provision US$323 million loan losses. Analysts cut their earnings estimates, and the stock is falling. The HP news is also hitting firms such as Infineon Technologies AG. One good sign is that luxury car maker, Porsche AG, is expecting its ninth straight annual profit increase.

In London, the FTSE is down 42 points to 4,034. The CAC 40 has dropped eight points to 3,214. However, the German DAX is bucking the trend, with a 13 point gain to 3,293.

Overnight in Asia, the HP news really sent stocks lower. The Nikkei dropped 198 points to close at 9,007. In Hong Kong, the Hang Seng shed 231 points to finish at 9,996.