Stocks are looking to open lower this morning, on concerns about the economic recovery.

Tech stocks are down in the pre-market after Goldman Sachs & Co. lowered its rating on semiconductor-equipment names. Also, Sun Microsystems Inc. indicated that it is seeing slower sales this quarter.

In economic news, U.S. first quarter GDP growth was revised down to a 5.6% annual rate, suggesting that the recovery may be slower than earlier thought.

Also, stocks will have to face nervous traders going into a long weekend in the U.S.

Drug patents are also having a strong hand in trading action today. A U.S. judge has voided a GlaxoSmithKline plc patent on one of its antibiotics, which brings in annual revenue of US$2 billion. The decision is sending that stocks down. At the same time, a U.S. Food and Drug Administration panel is supporting a psoriasis drug discovered by Biogen Inc.

Stocks are up modestly so far in Europe. The FTSE has gained 21 points to 5,196. The CAC 40 has added 10 ticks to 4,352. The DAX is up 15 points to 4,894.

Overnight in Asia, stocks closed more or less unchanged. The Nikkei dropped four points to 11,976. The Hang Seng gained two points to finish at 11.627.

In earnings news, diamond miner Tahera recorded a net loss of $558,000 in its latest quarter, compared to a net loss of $664,000 in 2001.

Also, Plaintree Systems Inc. will temporarily lay off approximately 70% of its employees, effective May 31, in order to preserve working capital until expected sales materialize. The firm insists that its sales forecast remains strong, but that market conditions have delayed anticipated orders.