Stocks are sliding today as profit worries dog technology firms. At midday, the TSE 300 is down 37 points to 7,694.

Volume is weak at 55.4 million shares. Selling volume is outpacing the buying by about two to one. Losers outnumber winners by about nine to eight.

Tech stocks are leading the way down, off 2.6% in the wake of a couple of earnings warnings from European tech giants.

Golds are also weak, but most of the other slides are moderate. The upside action is minimal, but there is some sector strength among merchandisers, transports and tobacco.

The weakness in techs is driving the trade today, led by Nortel Networks, which is down another 2.6% today. Volume is pretty light, however. The networking giant is joined by other tech luminaries, such as Alcatel, Exfo Electro, Sierra Wireless, Pivotal, JDS Uniphase, Cognos and ATI Technologies.

Barrick is leading the golds lower. Other prominent losers include BCE, and banks such as CIBC and Bank of Nova Scotia.

On the upside, gainers include Pan Canadian Petroleum, CP, Intertape Polymer, Decoma, Akita Drilling, Alimentation Couche-Tard, Enserco Energy and Regional Cablesystems.

TVA Group is up 4% on news that the CRTC has approved its acquisition by Quebecor Media Inc., subject to a number of conditions. QMI is required to sell TQS Inc. The sale of TQS must be completed before QMI can acquire control of TVA and its regulated assets. QMI has until September 21 to satisfy all the requirements of this condition. The CRTC has also renewed TVA’s licence and its network licence for seven years.

In other news, Canadian 88 Energy will be proceeding with a normal course issuer bid to purchase up to 6.7 million of its common shares. This represents slightly less than 5% of its outstanding common shares.

Wi-LAN has increased its third quarter guidance for its broadband wireless revenue from between $6 million and $9 million, to between $7 million and $9 million.

In New York, stocks are slumping, too, led by the tech weakness. The Dow is down 80 points to 10,491. Nasdaq has shed 38 points to 2,103. The S&P 500 is down 11 points to 1,223.

The CDNX is weak today, too, off 12 points to 3,190. Volume is soft at 13.1 million shares.

Techs are leading the way down, but miners and oils are sliding also. Genoil Inc is the top trader, up 2.7% to 38¢ on 2.8 million shares.