Toronto stocks are sliding today, as traders engage in profit-taking. At midday, the S&P/TSX index is off 66 points to 8,353.

Volume is decent, with 134.5 million shares traded so far. But, it is decidedly bearish, as selling action overwhelms the buying by an eight to three margin. Market breadth is negative too, as losers outnumber winners 63:45.

On a sector basis, it’s largely recent winners that are today’s big losers. Miners are down almost 2%, golds have dropped 2.6%, and materials are weak, too.

Techs are down 2.7%, led by bad news from Nortel.

Nortel is leading the way lower, dropping about 6.6% in heavy volume of 20.4 million shares, on news that its financial restatements won’t be available in time for the second quarter earnings announcement. It also noted that it expects 2003 earnings to be halved.

In other tech news, Descartes Systems Group said it lost US$28.9 million in the first quarter after taking a US$18 million goodwill charge as part of a accounting review.

The software company lost US71¢ a share in the quarter, which ended April 30. In the same quarter of last year, the company lost US$9 million, or US17¢ a share.

The company’s revenues for the quarter were US$13.3 million, in line with the company’s revised guidance, but well down from an initial estimate of US$15.5 million to US$16.5 million.

In April, Descartes abruptly fired its CEO and announced a review of the company’s financial statements for its most-recent fiscal year. At the time, the company also warned that its first-quarter results would fall short of initial forecasts.

Transportation giant Bombardier also continues to take a thumping from its disappointed stock-holders.

The upside today is coming in a select group of resource and biotech names. YM Biosciences and Diagnocure are both stronger. Mitec Telecom is rallying, and there is strength in names such as Cequel Energy, Fairborne Energy, First Calgary, Com Dev, and St. Lawerence Cement.

Among the financials, there are small gains in CIBC, Scotiabank, Royal Bank and Sun Life Financial.

In other earnings news, MDS Inc said that its second quarter loss grew to $36-million.

Reitmans (Canada) Ltd. reported that its net earnings increased to $13,038,000, as compared with $4,105,00 last year.

Forzani Group Ltd. said that net earnings for the quarter increased to $1.61-million versus the prior year of $1.17 million.

In New York, the action has been more muted. The Dow Jones industrial average is up 11 points at 10,214. However, the tech heavy Nasdaq composite is seven ticks lower at 1,984.

The junior S&P/TSX Venture composite index is five points lower at 1,598. Volume remains on the weak side there though at just 23.3 million shares. The day’s top trader is American Bonanza Gold Mining, which is up 2.5¢ to 22¢ on 1.1 million shares, on news of some strong assay results yesterday.