Stocks are expected to open lower this morning, as profit worries grip traders.

Walt Disney Co. and H.J. Heinz Co. reported weak profits yesterday and that has traders pulling back on old economy stocks, even as techs hold remain strong.

In economic news, the U.S. Producer Price Index dropped 1.6% last month, it biggest drop ever. Companies appear to be turning to heavy discounting to make up for weak demand.

In Canada, the New Housing Price Index rose 0.2% in September from August. On an annual basis, this index of contractors’ selling prices increased 2.9%.

European stocks are helping to lead the way down this morning too, as traders come to expect mounting losses there. The FTSE is down 25 points to 5,253. The CAC 40 is off 56 points to 4,517. The DAX is down hardest, losing 96 points to 4,898.

Overnight in Asia, stocks closed mixed. The yen was down against the dollar on signs that the Bank of Japan will sell it to boost exporters’ earnings. The Nikkei dropped 216 points to 10,216. The Hang Seng gained 71 points to 10,609.

In business news, Four Seasons Hotels Inc. reported its results for the third quarter, where it saw net earnings of $32 million, as compared to net earnings of $23.1 million for the third quarter of 2000.