Stocks are looking to bounce on the open this morning, with tech stocks set to lead the way. Upgrades on Motorola are boosting its fortunes, and the techs generally.

As well, the leak of a Cisco memo suggests that the tech bellwether will beat the Street tonight when it announces earnings. That is boosting techs, too.

In other earnings news, PepsiCo Inc. saw its profits down 4.4% last quarter. Comcast recorded a US$321 million loss in the fourth quarter. Allstate Corp’s profit fell 52%.

In economic news, U.S. productivity was reported up at a 3.5% annual rate. The news suggests that cost cuts are helping and that companies are not seriously gutting their capacity.

In Canada, it was reported that home builders took out an estimated $39.9 billion in building permits in 2001, just shy of the all-time high posted in 1989. Construction intentions in housing broke an annual record, and non-residential permits reached a 12-year peak.

In Europe stocks are weaker. Techs are getting a Cisco boost today, too. However, Allied Irish Banks plc, Ireland’s largest bank, is weighing on the market after it reported that it lost US$750 million from allegedly fraudulent currency trades at its U.S. unit.

The FTSE is down seven points to 5,086. The CAC 40 is down three ticks to 4,304. The DAX is off by 8 points to 4,857.

Overnight in Asia stocks were generally weaker. The Nikkei lost 55 points to 9,421. The Hang Seng dropped 17 points to 10,592.

In other news, Aliant Inc. announced that president and CEO, Stephen Wetmore, has accepted an appointment as vice chair at Bell Canada. Jay Forbes, executive vice president and CFO has been appointed acting CEO of Aliant.

Devon Energy Corp. reported net earnings for 2001, including special items, were $103 million, down from $730 million in 2000.

Husky Energy Inc. reported net earnings of $701 million, an increase of 51% compared with $464 million in 2000.