Stocks are facing a pullback today, with corporate profit worries dominating traders’ attention once again.

Names such as Cisco Systems Inc., Oracle Corp. and Intel Corp. are leading the selling

News that France Telecom SA is cutting 3,000 jobs at Equant NV isn’t helping either.

There’s not much economic news this morning. U.S. initial jobless claims slid up again last week, according to new data. The number doesn’t matter much, but it is adding to the negative sentiment.

In Canada, Statistics Canada released data on international transactions. Foreign investors reduced their holdings of Canadian bonds by $3.9 billion in June. This was their first reduction of the year after investing $18.6 billion in the first five months. The foreign divestiture came as a result of record retirements of foreign-held Canadian bonds.

Meanwhile, Canadian investors’ demand for international equities continued, and they acquired an additional $2 billion worth, but reduced their holdings of foreign bonds by $0.8 billion.

In Europe, stocks are mixed, with techs weighing on the markets. In London, the FTSE is down 22 points to 5,387. In Paris, the CAC 40 is off seven points to 4,805. Germany’s DAX is the only gainer, up 20 points to 5,240, despite news that German growth was flat for the first quarter.

In Asia, stocks were mixed overnight. Japan gave up some recent gains, while Hong Kong recovered some recent losses. The Nikkei dropped 270 points to 11,127. The Hang Seng gained 157 points to 11,345.

On the M&A front, it’s is being reported that a proposed takeover of Hyundai Group’s asset management and brokering operations by a group of investors, led by American International Group Inc. could be in trouble.

In earnings news, Canadian 88 Energy Corp.’s second quarter included net earnings of $7.2 million and cash flow of $20.7 million, compared to a $2.4 million loss and cash flow of $5.5 million for the same period in 2000.

TD Bank Financial Group today announced results for the third quarter of fiscal 2001, reporting an operating cash basis net income of $522 million or 80¢ per common share. This compares to $511 million or 80¢ per common share in the same quarter last year.

Plaintree Systems Inc. had a net loss for the fiscal 2002 first quarter of $1,374,627, compared to a net loss in the corresponding quarter of fiscal 2001, of $87,038.

MOSAID Technologies Inc. today reported net earnings for the first quarter of fiscal 2002 were $2,419,000, up from $1,344,000 reported for the first quarter of fiscal 2001.