Stocks are signalling a down open this morning. The techs are down after semiconductor firm Broadcom Corp. lowered its sales forecast.

The old economy stocks are being weighed down by the news that Philip Morris Cos. was hit with a US$3 billion damage judgement in favour of a man who’s dying of lung cancer.

The economic news is sour, too. U.S. initial jobless claims hit 432,000, its highest level since September 1992. This number erases some of the hopes that job losses are slowing.

In Canada, it was reported that corporate operating profits declined 6.9% to $44.9 billion in the first quarter, their lowest level since the third quarter of 1999. This decline followed a revised 2.5% drop in the last three months of 2000.

Operating revenue (mainly sales) edged down 0.2% in the first quarter, following 11 straight increases. Sixteen of the 24 industry groups reported lower profits in the quarter, led by a sharp drop in the profits of the funds industry.

Canada’s Help-wanted Index fell 2.4% in May to 164. This continues a general downward trend, which began in November 2000. Six of the 10 provinces recorded drops; Ontario and Manitoba registered the largest declines.

Europe stocks are also down, afflicted by some of the same trends. The European Central Bank left its interest rates unchanged this morning. The FTSE is off just four points to 5,897. The CAC 40 has dropped 40 points to 5,456. The DAX is down 24 points to 6,168.

Overnight in Asia, stocks were strong. The Nikkei gained 103 points to 13,277. The Hang Seng added 127 points to 13,703.

In other news, Future Shop Ltd announced sales results for the period from May 6 to June 2. Sales were $122 million, up 5% over the comparable period last year. Total sales growth was once again impacted by the closure of Computer City stores in February 2001. After adjustment for the Computer City store closure total sales growth was 14% for the period.

CAE says it has been selected in open competition and will begin negotiations with Eurofighter Simulation Systems GmbH as the “Preferred Supplier” of visual systems for the Eurofighter EF2000 combat aircraft Aircrew Synthetic Training Aids program. Valued at over $170 million, it represents the largest single program to date for CAE’s Visual Systems business.

Tech bellwether, Intel Corp,. announces numbers later today.