Stocks are slumping again today as corporate profits disappoint, earnings forecasts chasten and the global economic situation remains uncertain.

The TSE 300 is down 65 points at midday to 7,629.

Volume is a little stronger today at 65.6 million shares, but selling volume is ahead of buying by about seven to five. Losers hold a ten to seven edge over winners.

Techs, oils and conglomerates are leading the way down. The tech sector is down almost 4% as profit concerns continue to maul those stocks.

Oils are down sharply as prices slide, behind waning U.S. demand. Transports and utilities are notably weak too. Financials are also down.

On the upside, miners are bouncing back, gaining 3.5%. Golds are up, but that’s about it, apart from the tobacco and department store sub-sectors.

Nortel Networks is down yet again today, as tech profits come under suspicion generally. It is off more than 4% on 3.6 million shares. It is joined on the downside by tech names such as Celestica, Sierra Wireless and Siebel.

Other losers today include CP, Talisman Energy, BCE, Petro Canada, Four Seasons and CHC. Aeterna Labs is down more than 5%. TD Bank is leading the financials lower, after its subsidiary TD Waterhouse reported deteriorating volumes.

On the upside, Alcan is bouncing back from its recent tumble. It is up almost 5%, wrenching the miners up. There are also gains in Hudson’s Bay, Telus, Meridian Gold, Homestake Canada, Enserco Energy, Merrill Lynch, West Fraser, Teknion, World Heart and Stratos Global.

In earnings news, Theratechnologies Inc reports that for the second quarter of 2001, the company recorded net earnings of $2.8 million or 10¢ a share, compared with a loss of 9¢ a share for the same period in 2000.

Maverick Tube has also released its results for the quarter ended June 30. The company reported record second quarter income from continuing operations of $14.4-million, or 42¢ a share, compared 19¢ a share in the same quarter last year.

In New York, stocks opened own on profit fears, and comments from Fed chairman Alan Greenspan did nothing to cheer them with his gloomy economic forecasts. The Dow Jones industrial average is down 64 points to 10,542. The Nasdaq composite is off 39 points to 2,028. The S&P 500 is down nine points to 1,205.

The CDNX is also weak, off eight points to 3,097. Volume is soft at 13 million shares. Oils are the weak spot, down 1.7%. Mines are down a little, and techs are up a bit.

Hall Train Entertainment is the top trader, flat at just 1¢ on 783,900 shares traded. It is followed by Genoil Inc, up 12.5% to 36¢ on 664,000 shares.