Stocks are looking to open weaker Wednesday, led by early trading softness in Europe. Citigroup is down on the latest allegations regarding the integrity of its research. There is also some selling in techs names such as Cisco Systems, Lucent Technologies and Advanced Micro Devices.

On the plus side, Wal-Mart Stores saw its third quarter profit rise 23%, on stronger sales.

European markets are weak on a number of corporate news items. For one, Corus Group plc is dumping its US$3.5 billion takeover bid for Brazil’s Cia. Siderurgica Nacional. It says that weak demand has scuttled the deal.

Electronics giant Siemens AG issued weak guidance for 2003. And, Cable & Wireless plc is weaker after it reported a first-half loss of US$7.2 billion, and announced 3,500 job cuts.

Also, the European Union lowered its economic forecasts for the coming year. The FTSE is down 57 points to 4,028. The CAC 40 has dropped 45 points to 3,020. And, the DAX is off 86 ticks to 3,030.

Stocks were mixed overnight in Asia. The Nikkei slid 26 points to 8,439, amid news that Japanese Prime Minister Koizumi said its economy is stagnant. In Hong Kong, the Hang Seng gained three points to 9,617.

In business news, CGI Group Inc. announced that it has signed an agreement with a banking syndicate, securing $440 million in credit.

Gildan Activewear Inc. confirmed that it expects diluted EPS for the fourth quarter and full year fiscal 2002 to be at the top end of its previously communicated range. Sales for the full year fiscal 2002 are estimated at approximately $600 million, compared with the company’s prior guidance of $590 million. The company also reconfirmed its EPS guidance for fiscal 2003 of $2.60-$2.70 per diluted share.

For the fourth quarter, Boralex Inc. reports that its net income was $2.5 million, compared to $3 million for the same period in previous year.