Stocks are looking to open flat or down this morning, as traders digest an avalanche of earnings, and some key economic data.

Among the big names reporting today, Exxon Mobil Corp. saw its earnings drop 58% in the first quarter.

Telecom titan Verizon Communications Inc. reported a US$501 million first-quarter loss. DuPont Co. saw its first-quarter profit dip 3.4%. And, Williams Communications Group Inc. filed for Chapter 11 bankruptcy protection.

In Canada, it’s economic data day. Retail trade for February came in more or less flat, actually down 0.1%, at $25.2 billion. This was not unexpected after huge sales gains in January and in the last three months of 2001.

The Consumer Price Index rose 0.7% from February to March, pushing the annual rate to 1.8%. However, there was more pressure on the core rate, which rose 0.5% to 2.2%. The index reached 117.7 in March, surpassing its June 2001 peak for the first time. Energy prices had a moderating effect on the overall index. As inflation builds, more hikes to interest rates can be expected.

In Europe, stocks are generally down this morning. Energy stocks are weak following the disappointing earnings from Exxon Mobil. And telecoms are also soft as analysts rush to cut estimates on that group. The FTSE is down 29 points to 5,192. The CAC 40 has dropped 23 points to 4,536. The DAX is down 44 points to 5,162.

Overnight in Asia, stocks were stronger. The Nikkei gained 15 points to 11,737. The Hang Seng added 206 points to 11,345.

In local earnings news, Pivotal Corp reported a net loss for the third quarter of fiscal 2002 was $3.4 million, compared with a net loss of $63.0 million in the second quarter of fiscal 2002 and a net loss of $5.7 million in the third quarter of fiscal 2001.

Teck Cominco reports first quarter earnings of $2 million, compared with $55 million a year ago. Earnings were significantly lower than last year because of substantially lower profits from power sales and reduced zinc and copper prices.

For the quarter ended March 31, Co-Steel reported a net loss of $1.7 million, compared to a loss of $53.1 million for the same period last year. Included in the loss for the first quarter 2002 is $6.3 million of pre-tax earnings related to a favourable settlement regarding past purchases of electrodes. The first quarter 2001 loss included an $18 million write-down.

CGI Group Inc. had net earnings of $33.2 million, 49.5% higher than last year’s second quarter.