Stocks are expected to open lower again today as traders continue to fret over the prospects for corporate profits.

The latest earnings warnings are from software firm Manugistics Group Inc. and retailer Pier I Imports Inc.

On the economic front, initial jobless claims in U.S. dropped by 3,000 to 402,000 last week. The jobs picture isn’t looking great and isn’t helping stocks.

Also, Canada’s Help-wanted Index fell 1.3% in August from July to 153, the ninth decrease in the last ten months. Quebec and Ontario showed the largest monthly declines. Compared with August 2000, the national index was down 12.6%.

European stocks are sliding to new two year lows. Profit worries are again the culprit.

News that German manufacturing orders unexpectedly fell in July is adding to the gloom. Also, the Bank of England declined to alter interest rates this morning, fearing inflation amid slowing growth. The FTSE is down 96 points to 5,219. The CAC 40 is down 55 points to 4,517. The DAX has dropped 87 points to 4,961.

Overnight in Asia stocks were mixed. Japanese stocks got a boost from a falling yen. The Nikkei gained 52 points to 10,650. The Hang Seng followed the global trend however, dropping 279 points to 10,664.

In earnings news, MGI reported a net loss of $9.5 million, or 23¢ per share was reported for the quarter ending July 31, compared to a net loss of $22 million for the first quarter.

The net loss for the first quarter included a restructuring accrual of $3.7 million and a write-down of investments of $2.1 million. In the same quarter last year the firm lost just 16¢ per share.

In M&A news, FPI Ltd. is buying Clearwater Fine Foods Inc.’s seafood harvesting, processing and marketing business for $510 million. The acquisition will create the largest seafood company in Canada with pro forma consolidated revenues in excess of $1 billion and assets of $745 million.

Zurich Financial Services AG says it plans to sell its reinsurance unit and part of its fund business to help raise US$4 billion.