Technology and mining stocks are battering markets today. At midday, the TSE 300 is down 60 points to 7,526.

Volume is average at 82.9 million shares, with selling outstripping buying by more than two to one. Losers hold an 11 to eight edge over winners.

Techs are the weakest group, down almost 4% after Motorola issued an earnings warning and Micron Technology disappointed analysts.

Miners and golds are taking a hit after Alcoa issued a warning of its own. Software, chemicals, transports and media stocks are weak, too.

There’s some strength in energy on Middle East tensions after a US patrol apparently had a confrontation with an Iranian oil tanker.

Alcan is the big individual loser today, hit by Alcoa’s warning. It is down almost 5% on heavy volume.

Techs are taking a broad beating too, thanks to Motorola. Nortel Networks and Celestica are leading the slide, joined by Solectron, ATI, Zarlink Semi and Bell Canada International.

Other losers include Barrick, Bombardier and financials, CIBC and Royal Bank. Power Corp. is also down. Bombardier is losing despite news that it has received a $269 million order from the Stockholm Public Transport Authority for 70 three-car metro units.

Canadian Tire is a loser on news that it plans to acquire Mark’s Work Wearhouse for $4.10 per share. Mark’s is a big winner however, up 23% on the news.

The upside is coming almost entirely in energy stocks. Baytex Energy, Talisman Energy, Precision Drilling and Ensign Resource Services are leading the way. There are also gains in Norske Skog, Royal Laser Tech, and Microcell.

In other business news, today is buyback day on the TSE. Newalta has unveiled a planned buyback of up to 5% of its shares. Polyair Inter Pack Inc. also has a 5% bid on the table, as does Storm Energy Inc.

Just to be different, Descartes Systems Group is offering to buyback debt. It is looking to take up to 10% of its outstanding 5.5% convertible unsecured subordinated debentures for retirement.

In New York, the similar are at play, but the Big Board is overcoming the Alcoa warning to trade higher. Motorola is weighing heavier on the techs.

The Dow Jones industrial average is up 46 points to 10,044. Nasdaq composite is back below 2,000, down seven points to 1,995. The S&P 500 is up seven points to 1,150.

The S&P/CDNX Composite Index is more or less unchanged at midday, up half a point to 975.5. Volume is strong again at 19.1 million shares. Canadian Imperial Ventures is leading the trade again too, gaining 27% to 38¢ on 1.1 million shares.