Stocks are under pressure from negative news in the tech sector Wednesday. At midday, the S&P/TSX composite index is down 49 points to 7,141.

Volume is heavy at 170.8 million shares, with the buying ahead of the selling by a margin of 19:13. However, losers outnumber winners 53:44.

The major weakness is in the techs, down about 2%, following some bad news for Research in Motion and a dark cloud over the sector in general that descended with Cisco’s disappointing earnings news.

Utilities are weaker, too, as are consumer stocks, financials and industrials. Golds and real estate are rallying.

RIM is down about 4.3% following news that it has been slapped with a U.S. court injunction preventing it from selling in the U.S. However, the injunction is stayed, pending appeal. Still, traders are punishing the stock.

Disappointing results at Cisco is hitting names such as Nortel, down 3.7% in heavy volume. There is also selling in Celestica, ATI and Open Text.

CAE is the other big loser of the day, down 9% on news that it earned just $13.2 million in the first quarter of fiscal 2004.

Financial stocks are weaker, with Scotia down 1.4% after it insisted it would not be making an acquisition in New Jersey. There is also notable selling in TD Bank, Royal Bank and CIBC is down 2% too. Elsewhere, Manulife is down 0.9%, and there is weakness in Assante, and Sun Life. Kingsway is bucking the trend, up 3.2%.

Other losers include Quebecor, Bombardier, Potash, QLT, Agrium, NQL Drilling, Dorel and Dofasco.

On the upside, golds are stronger, enjoying a rise in the metal itself. Barrick is up 1.1%, and there are gains in Placer Dome, Bema Gold, and Glamis Gold, among others.

Alcan is rallying a little, and there are gains in VSM MedTech, Bennett Enviro, Sherritt, Sierra Wireless, Cequel Energy

In earnings news, Saputo reported $46.1 million of income for the first quarter, up 11.6%. It also said that it may sell off its bakery division, and it named the founder’s son as its next CEO.

ClubLink earned $2.1 million in the second quarter of 2003.

Sico said it earned $6.8 million in the second quarter, while Sleeman earned $2.05 million.

In New York, the Dow Jones industrial average is up 50 points at midday to 9,089, while the tech-heavy Nasdaq composite index is down 11 points to 1,662.

The S&P/TSX Venture index is down seven points at midday to 1206. Volume is strong once again at 20.8 million hares, led by Royal Standard Minerals which is up a penny to 24.5¢ on 2.3 million shares.