Stocks are looking to open weaker Wednesday on earnings fears. Micron Technology Inc. missed analyst expectations for its sales, sending its stock down. Also, Activision Inc. issued an earnings warning, and insurance giant Conseco Inc. filed for bankruptcy.

In economic news, the U.S. trade gap slipped to US$35.1 billion. Exports declined less than imports, closing the gap to its narrowest point in seven months.

Meanwhile, Canada’s exports of merchandise rose 0.9% to $35.4 billion and imports inched up 0.3% to $30.4 billion in October. As a result, Canada’s trade surplus in international merchandise rose by nearly a quarter billion dollars to $5.1 billion.

Canadian companies sent $30 billion in goods to the U.S. in October, a slight decline from September. Imports from south of the border increased only slightly to $21.5 billion. The trade surplus with the United States fell to $8.4 billion. Canada’s trade deficit with countries other than the U.S. improved from $3.7 billion in September to $3.3 billion in October.

Stocks are down in Europe with a couple of high-profile executive resignations. Allianz AG’s CEO is stepping down, as is Vodafone Group plc’s CEO. The FTSE is down nine points to 3899. The CAC 40 has shed 22 points to 3,117. And, the DAX is up 34 points to 3,106.

Overnight in Asia, stocks also dropped on the Micron news. the Nikkei slid 167 points to 8344. The Hang Seng fell 167 points too, closing at 9,549.

In M&A news, General Electric is buying Instrumentarium Oyj, an anesthesia equipment firm, for US$2.1 billion.

And, Vivendi Universal says it will sell its US$1.1 billion stake in EchoStar Communications.

In other business news, BCE Inc. is presenting its financial guidance for 2003 today at a conference with financial analysts. BCE will reiterate its expectation to meet previously stated guidance for revenue, EBITDA and EPS for 2002 and reaffirm the current common dividend of $1.20 per share on an annualized basis.

However, Precision Drilling announced that it expects diluted earnings per share for the fourth quarter of 2002 to be in the range of 14¢ to 18¢. This is significantly below the anticipated range of 45¢ to 55¢.

BCE Emergis has announced financial guidance for 2003 and unveiled its 2003 business plan. Total revenue is targeted in a range of $510 to $550 million, compared to $536 to $551 million for 2002.

ATI Technologies Inc. announced its financial results for the first quarter of its 2003. Net income for the first quarter was $5 million or 2¢ per share compared to a net loss of $32.2 million or 14¢ per share for the fourth quarter of 2002 and a net loss of $10.3 million or 4¢ per share for the same period a year ago.