By James Langton

(April 26 – 09:00 ET) – Stocks face a mixed open this morning. Techs are generally looking a little brighter, while fundamental economic concerns are dampening the outlook for old economy stocks.

The U.S. Employment Cost Index was reported up 1.1% in the first quarter of 2001. This strong number is renewing fears of inflation and the possible suppression of further cuts to interest rates.. U.S. Initial Jobless Claims were also reported up 18,000 to 408,000 last week to their highest level in more than five years.

In Europe stocks are mixed after the European Central Bank decided to keep its benchmark interest rate at 4.75%. Inflation remains a more pressing concern across the Atlantic, than the economic slowdown. The FTSE is up 21 points to 5,849. The CAC 40 is up 42 points to 5,450. The DAX has dropped nine points however to 6,106.

Overnight in Asia stocks were generally higher following yesterday’s gains on Wall Street. The Nikkei added 146 points to 13,973. The Hang Seng reacted more modestly, adding 44 points to 13,293.

There’s a slew of earnings news this morning. Some are good, some are bad, with the rest indifferent. Leading off, Open Text reported adjusted net income for the third quarter of $6 million, or 28¢ a share, up from a loss of a penny a share in the previous year. This year’s results included a one-time gain of 3¢ a share from an acquisition-related item.

Biovail Corp. reports that its earnings rose to 20¢ a share, beating analyst estimates of 18¢ a share, and last year’s 11¢ a share. Net income increased 95% to $29.2 million for the first quarter 2001 versus the quarter last year.

That was the good, the indifferent is Barrick Gold Corp., which reports that its net income for the first quarter was US$72 million, or US18¢ a share, flat with the same quarter last year.

Finally, the bad. Nexfor Inc. today reported that it saw a loss of $5 million for the first quarter of 2001, or 5¢ a share, down marginally from 33¢ a share of profit in the quarter last year.

Stackpole Limited reported that for the first quarter of fiscal 2001 it had net income of $370,000, or 4¢ a share, down from 32¢ a share in the period a year ago.