By James Langton

(May 1 – 09:00 ET) – Stocks are facing a mixed open today. With most of Europe’s traders off for May Day celebrations, and minimal economic news out, traders will be focusing on individual stories.

Although techs are pointing down in the pre-market, the broader market is looking at a slight up opening. The techs are being hurt by news of larger losses at Nextel Communications Inc. The company said it would trim 5% of its workforce to cut costs.

There’s more cost-cutting at Dow Chemical Co., which is shedding 8% of its workers, or 4,500 jobs, in the wake of its acquisition of Union Carbide Corp.

Old economy names are getting a boost from Procter & Gamble Co., which saw its third quarter profits up 9.4%.

The only major markets that are open today are in the United Kingdom and Japan. In London, the FTSE is down 48 points to 5,919. Whereas the Japanese Nikkei had a huge rally on the back of its blue chips, closing up 491 points to 14,426.

In M&A news, EMI Group plc and Bertelsmann AG’s BMG have scrapped their merger plans, after they decided they couldn’t make a merger work and still satisfy European regulators.

Pulte Corp. is buying developer Del Webb Corp. for US$1.8 billion in stock and debt. British Telecommunications plc is said to be in talks to sell assets in Japan and Spain in an effort to cut its debt load.

Here at home, Linamar Corp. has signed an agreement with Haessler Corp. and Wolf Haessler to form a partnership to be controlled by Linamar, which will own 4,224,779 common shares of Skyjack Inc., or approximately 51% of the company. The Skyjack shares are valued for the purposes of the transaction at $22.9 million, or $5.42 a share, a 12.7% premium. Linamar will contribute $22 million to the partnership.

Husky Energy Inc. says its 2001 first quarter earnings of $242 million, or 54¢ a share, are up from earnings of $39 million in the quarter last year. The company attributes the increase to higher commodity prices, increased production volume, the acquisition of Renaissance and improved margins.

Manulife Financial Corp. reported first quarter earnings up 19% over the same period last year, to $270 million, or 56¢ a share, from 47¢ a share a year ago.