Stocks are facing another mixed opening. Bargain hunting and some more positive analyst comments are supporting tech stocks.

Old economy names are being dragged down by steel stocks on the news that the United States plans to investigate whether steel imports are harming the domestic industry.

Energy stocks are also weaker as crude oil prices fell about 2% this morning after it was reported that U.S. oil inventories are up, and gasoline supplies are at a 22-month high.

On the economic front, the Bank of England kept its benchmark interest rate at 5.25% today.

In Canada, the value of building permits issued by municipalities rose in April, on the strength of gains in commercial and institutional construction projects. Builders took out $3.2 billion worth of building permits, up 4.8% from March. The rebound in non-residential permits offset a decline in the residential sector. The value of housing permits declined 4.8% to $1.6 billion, the lowest level in 12 months.

In Europe, stocks are making modest gains as the resilient techs overcome the weakness in old economy names. The FTSE is up 23 points to 5,945. The CAC 40 and the DAX have each gained just three points to 5,519 and 6,245, respectively.

Overnight in Asia, stocks were mixed. The Nikkei dropped seven points to 13,175. The Hang Seng gained 124 points to 13,576. Blue chips led the way.

In M&A news, Cadbury Schweppes plc is reportedly close to buying Pernod Ricard SA’s non-alcoholic beverage brands, including Orangina, for US$597 million.

In earnings news, Wescam today announced its second quarter results. Net earnings applicable to common shares were $2.4 million or 14¢ a share, up from 13¢ a share for the prior year.

Saputo Inc. revealed its financial results for the fiscal year ending March 31. Net earnings came in at $110.2 million, or $2.15 a share, up 10.1% over last year’s earnings of $2 a share.