Although the futures trading foretold a stronger opening for stocks Wednesday, traders responded to some negative corporate news to send stocks lower almost immediately after the opening bell. At midday, the S&P/TSX index is down 33 points at midday to 6,778.

Volume is strong at 133 million shares, with declining volume overwhelming the buying by a 15:7 margin. Market breadth is also quite bearish, with losers outnumbering winners five to four.

Techs are leading the way lower on reports that Intel will cut capital spending this year, suggesting that the tech sector isn’t out of the woods yet.

Techs are down 3.5% so far. There is also much more modest selling out of industrials, diversifieds and financials. Energy stocks and golds are stronger once again.

Nortel is powering the tech group lower with a 6.5% drop on volume of 22.3 million shares. Research in Motion and Celestica are notably lower, too.

The broad weakness is also weighing on financials. Bank of Montreal is down in active trading. Manulife is really leading the way though, down 3%.

Other losers include St. Lawerence Cement, Four Seasons, Southwestern Resources, Nelson Resources and Sterling Centrecorp.

On the upside, Fording is stronger, as investors continue to warm to that situation. EnCana is powering the energy group higher, joined by Cequel Energy and Crescent Point Energy.

The golds are stronger at the hands of Placer Dome and Eldorado Gold. Goldcorp is up 3.3%, on news that it is increasing its dividend by 25%.

There is also strength in World Heart, Tembec, Vincor and Rogers Communications.

In business news, Lorus Therapeutics has retained Bruce Rowlands as senior adviser investor relations. Rowlands comes from brokerage firm Dominick & Dominick Securities Canada, where he was vice-president and director. Lorus also reported that CFO, James Parsons, has left the firm.

In financing news, CIBC is planning a preferred share offering worth $250 million. CIBC is also intending to issue up to $250 million of subordinated indebtedness with CIBC World Markets Inc. acting as lead dealer. The net proceeds of these offerings will be used for general purposes of CIBC.

Saskatchewan Wheat Pool reports that it has not yet provided its restructuring proposal to its medium term noteholders and that statements from a Toronto law firm representing an ad hoc group of noteholders were speculative and not based on a review of the proposal.

In New York, traders also bucked the futures and sent stocks lower on the open. At midday, the Dow Jones industrial average is down 135 points to 8,708. The S&P 500 has dropped 15 points to 917. The Nasdaq composite index is down 25 ticks to 1,435.

The market’s weakness is unanimous, with the S&P/TSX Venture index down more than a point to 1,109. Volume is lighter at 19.1 million shares. Skyline Gold Corp. is the top trader on the day, flat at 2¢ on 428,000 shares.