Stocks are looking at a weak opening this morning as traders face the truth of weaker profits.

SunGard Data Systems Inc. missed its profit targets, and MGM Mirage Inc. warned about its prospects, causing weakness in their stocks in particular and negative sentiments for stocks in general.

The economic data out today wasn’t much help either. U.S. personal spending was reported up 0.2% in August, and incomes were flat. The data seems to show customer spending weakening even before the terrorist attacks hit.

In Europe, stocks are sliding pretty hard, with profit worries driving the trade. Semiconductors such as STMicroelectronics NV are leading the way after it reported weak earnings. The FTSE is down 114 points to 4,789. The CAC 40 has dropped 49 points to 4,030. The DAX is off 100 points to 4,208.

In Asia, stocks were stronger as the yen continued its slide against the dollar. These markets were also following last week’s action and trading ahead of this morning’ weak announcements. The Nikkei closed up 198 points to 9,972. The Hang Seng added 350 points to 9,951.

In M&A news, Sampo Oyj, Finland’s largest insurer, has walked away from its US$2.3 billion bid for Storebrand ASA in the face of regulatory opposition.

In other news, Canadian Pacific Ltd. complete its reorganization officially today. CP will cease trading following the close of the business on October 2.

Also, AEC has closed the sale of its partnership interests in the Jonah Gas Gathering Company to TEPPCO Partners LP of Houston, for approximately US$360 million.