Stocks are looking at a flat open this morning, although techs look weak on continued profit worries in that sector.

Amazon.com Inc. said its sales may miss forecasts in the second half of the year.

The big news today is that Lucent Technologies Inc. has reported a bigger third-quarter loss. The company will also cut another 15,000 to 20,000 jobs, drop its dividend and take a fourth-quarter charge of up to US$9 billion. On the upside, it has announced a US$10 billion outsourcing deal with Celestica Inc.

In other earnings news, ABB Ltd., the world’s largest electrical-engineering company, saw weak profits and will cut 12,000 jobs of its own, about 8% of its staff.

In economic news, the big event today is U.S. Federal Reserve Board chair Alan Greenspan’s testimony to Congress today.

In Europe, stocks are sliding in relatively sluggish trading. Techs are leading the way down. The FTSE is off 34 points to 5,371, and the CAC 40 is also down 34 to 4878. The DAX has dropped 59 points to 5,732.

Overnight in Asia markets were mixed. The Nikkei rebounded strongly after the U.S. failed to follow through on its drop yesterday. It closed up 274 points to 11,883. The Hang Seng dropped just 22 points to 12,214.

In other earnings news, Weyerhaeuser is reporting second quarter net earnings of 78¢ per share.

CryptoLogic Inc. saw net income for the quarter grow to $4.8 million or 35¢ per share, compared to 36¢ in the quarter a year ago.