Stocks are poised to open down this morning.

Techs are the one bright spot after Corning Inc. reported that its second-quarter sales beat forecasts.

This is boosting Corning and JDS Uniphase. But weighing on that optimism is the news that Hewlett-Packard Co. will cut 6,000 jobs. As well, Alcatel SA is set to cut 12,500 jobs after it posted a US$2.7 billion loss in the second quarter.

In economic news, U.S. durable goods orders were reported down 2% in June , and down 1.5% excluding transports. The U.S. Employment Cost Index increased 0.9% in the second quarter, sparking some fears of inflation.

In Canada, average weekly earnings for all employees rose 1.4% or $2.37 in May to $662.05. The number of employees on payrolls rose 23,500 during the month. However, this increase includes the return of 14,000 education workers on strike in Ontario. Excluding education, employment in the province of Ontario declined slightly. Alberta had the only substantial employment gain.

In Europe, stocks are up for the most part, led by the techs. In London, the FTSE has gained 24 points to 5,299. In Paris, the CAC 40 is up 71 points to 4,844. Germany’s DAX has added 57 points to 5,639.

Overnight in Asia, stocks were weaker, however. Japan’s Nikkei dropped 33 points to 11,859. But in Hong Kong, the Hang Seng dropped sharply, losing 174 points to 12,040.

There’s a ton of earnings news out today. Gildan Activewear Inc. updated its guidance for fiscal 2002, with a downgrade. For fiscal 2002, Gildan expects fully diluted net earnings per share of $2.15 – $2.25 on sales of about $650 million. Analyst estimates were in the range of $2.65 – $2.85 per share.

Teck reports second quarter operating net earnings were $23 million, up from $11 million in 2000.

Potash Corporation of Saskatchewan Inc. reported second-quarter net income was $43.1 million, or 83¢ a share on a fully-diluted basis, compared to $60.1 million or $1.14 a share for second-quarter 2000.

Rogers Communications Inc. recorded a loss of $96.3 million, or 56¢ a share (after distributions on convertible preferred securities) compared to a loss of $13.6 million, or 11¢ a share in the second quarter of the prior year.

Rogers Wireless says that lower operating profit combined with higher depreciation, amortization and interest expense resulted in a loss of $52.4 million, or 38¢ a share compared to a loss in the prior year’s second quarter of $1.2 million, or 1¢ a share. Year to date, the loss increased by $94.7 million to $106.6 million or 82¢ a share.

Abitibi-Consolidated announced second quarter earnings today of $108 million, or 25¢ a common share, on sales of $1.5 billion. This is a significant improvement over the same period last year in which earnings were $61 million, or 15¢ a share on sales of $1.5 billion.

Telus Corp. says c0mmon share income in the second quarter decreased by $115.3 million, when compared with the same period last year, due to the increase in financing costs associated with the TELUS Québec and Clearnet purchases, and related amortizations of goodwill and intangible assets. Basic earnings per share for the second quarter fell by 52¢. Core earnings per share for the second quarter were 32¢ compared with 64¢ in the second quarter of 2000.