Stocks are looking a bit weaker Wednesday morning, with techs leading the way down. Computer maker Gateway Inc. reported weak sales and larger than expected losses, which are souring traders on the sector. As a result, competitors such as IBM, Dell Computer Corp. and Hewlett-Packard Co. are also down.

Also this morning, SunTrust Banks Inc. reported that its fourth quarter profit fell almost 5%, primarily due to higher loan loss provisions.

Oil stocks are also looking a bit weaker as the commodity’s price dips on speculation that OPEC is ready to boost output to cover the shortfall from Venezuela.

In Europe, stocks are down due to some negative corporate news. One of Europe’s biggest electronics retailers, Dixons Group plc, reported weak holiday sales, sending retailing stocks down. Techs and automakers are also weak. The FTSE is down 20 points to 3,938. The CAC 40 has dropped 44 points to 3,117. And, the DAX is 66 points lower at about 3,047.

Overnight in Asia, stocks had a mixed session. The Nikkei slid 139 points to 8,518. But in Hong Kong, the Hang Seng added 36 points to close at 9,688.

In M&A news, there’s a relatively big deal with Bank of New York buying Credit Suisse’s Pershing securities clearing division for US$2.5 billion in cash and assumed debt.

Canadian sportswear firm, Forzani Group Ltd., announced that its total retail system sales were up 7.5% over the prior year. Corporate comparable store sales decreased 5.3%, while franchise comparable store sales increased 9.7% for the Christmas selling season. Forzani blames the shortfall in corporate comparable store sales on unusually warm weather in Western Canada.