Stocks are facing a mixed open this morning. Techs are looking a little brighter after Qualcomm Inc. reaffirmed profit guidance and Cisco systems unveiled a small acquisition.

Futures looked weak earlier after JDS Uniphase Corp. reported the largest annual loss in U.S. corporate history.

Although the techs are looking up a bit, the rest of the market is weak.

In economic news, U.S. GDP grew at 0.7% in the last quarter, lower than most economists had expected. Retail sales grew at the same pace. This news has many traders thinking negative thoughts about the U.S. economy.

In Canada, the annual rate of growth in industrial product prices continued to slow in June, whereas raw materials prices declined compared with June 2000. The Industrial Product Price Index grew 1.7% from June 2000 to June 2001. That compares with a year-over-year gain of 2.7% in May.

The Raw Materials Price Index dropped 1.9% in the month. Mineral fuels were responsible for most of the decline in the RMPI in June, wood products and non-ferrous metals were down too. If mineral fuels were excluded, the RMPI would have risen 0.2%.

In Europe, stocks are up after Volkswagen AG reported solid earnings and forecast that U.S. demand will improve in the second half will boost profits. The FTSE is up 85 points to 5,370. The CAC 40 has gained 88 points to 4,930. The DAX is up 66 ticks to 5,741.

Overnight in Asia, stocks were mixed. Techs are dragging down the Japanese market, with falls by Sony Corp., Fujitsu Ltd. and NEC Corp. The Nikkei dropped 60 points to 11,798. The Hang Seng gained 142 points to 12,182.

In earnings news, Barrick’s net income for the second quarter was US$66 million, or US17¢ a share.

Maple Leaf Foods Inc. announced its net earnings for the second quarter were $12.8 million or 12¢ a share compared to $3 million or 2¢ a share last year.

Nexfor Inc. today reported second quarter 2001 earnings of $14 million or 10¢ per fully diluted common share, an improvement of $19 million over the preceding quarter. The improved results were driven largely by a recovery in wood product prices in North America in the first two months of the quarter. In the second quarter of 2000, earnings were $47 million or 30¢ a share, before a $13 million gain, from the sale of 10% of the Great Lakes Hydro Income Fund.