Stocks are facing another negative open today after Advanced Micro Devices Inc. issued yet another cut to its sales forecast. This is AMD’s second forecast cut in two weeks. The news has aggravated weakness in the tech sector, particularly in chip stocks.

The only economic news is U.S. initial jobless claims, which fell by 11,000 last week to 382,000. This is the lowest level for jobless claims in more than a year, but it is not enough to derail some of the negativity surrounding the market.

Also the U.S. holiday tomorrow will be having its impact. Markets are closed for Independence Day, and the bond markets close early today. With many traders likely taking Friday off, too, they may be reluctant to head into the holiday on the long side.

In Europe, stocks are down in early trading today. The AMD warning is hurting, as is the resurgence of credit concerns among traders. Stocks such as Vivendi Universal SA and Alcatel SA have created credit worries at lenders such as Barclays plc and Societe Generale SA. The FTSE is down 88 points to 4,459. The CAC 40 has dropped 69 points to 3,666. The DAX has shed 48 points to 4,148.

Overnight in Asia, markets shook off their worries a bit. The Nikkei gained 190 points overnight to 10,812. The Hang Seng added 87 points to 10,579.

In M&A news, Magellan Aerospace Corp. is buying Haley Industries Ltd. for either $2.15 cash or 0.425 common shares of Magellan for each Haley common share.