Stocks look to open lower this morning thanks to some weak corporate news.

Techs are headed down after Applied Materials Inc. reported that it may report a loss this quarter. Also, networking software firm Novell Inc. said it will have to cut up to 1,400 employees.

In the old economy, oil stocks are weak again. As well, Burlington Industries Inc., the third-largest U.S. textile and fabric maker, has filed for bankruptcy protection.

The economic outlook looks a bit better. U.S. initial jobless claims slipped by 8,000 last week to 444,000, the third straight week of declines. Also, U.S. business inventories were down 0.5% in September, the eighth month of inventory work-off.

In Canada, a steep drop in September truck sales is being blamed for a 5.3% decline in new motor vehicle sales compared with August. The decrease in new motor vehicles sold in September was the second largest monthly decline in 12 months, after an 11.2% drop in October 2000.

In Europe, stocks are mixed. French industrial production numbers saw their biggest drop in two years. The FTSE is down two points to 5,238. The CAC 40 is off 17 points to 4,557. The DAX is making gains though, up 28 points to 4,981.

Overnight in Asia, stocks rallied hard following strength in the U.S. The Nikkei gained 403 points to 10,490. The Hang Seng added 289 points to 11,239.

In business news, LINMOR Inc. reported its net loss for the quarter was $2,175,092, compared to $4,555,519 for the first quarter, a decrease of 52%.

Zi Corporation is reporting a 59% decrease in its net loss compared to the second quarter 2001.

The Toronto-Dominion Bank announced the successful completion of its tender offer for the publicly held shares of common stock of TD Waterhouse Group Inc. at US$9.50 per share.