Stocks are looking at a strong opening this morning, as bargain hunters lead the drive higher, though most corporate news out so far today is negative.

Techs look particularly strong, with positive action in IBM, Qualcomm and Dell.

Energy trader Williams saw a second quarter loss of US$349 million. Qwest Communications International Inc. said that it would restate its financials for 2000 and 2001 due to accounting irregularities. It also scrapped its forecasts for this year. Banking giant, Santander Central Hispano SA, saw its second quarter net income drop by 26%, and it also abandoned its forecast for this year.

In economic news, the Industrial Product Price Index fell 1.2% in June from the same time last year, the ninth consecutive period of decline. This was lower than the year-to-year drop of 2.3% in May. Petroleum and coal product prices led the way lower, dropping 12.5%. If petroleum and coal prices had been excluded, the IPPI would have decreased 0.4% instead of 1.2%. Manufacturers also paid 4% less for their raw materials than they did in June 2001, the eleventh consecutive period of annual decline. A drop of 8.7% in the prices of mineral fuels was responsible for most of the decline in the Raw Materials Price Index, along with decreases for animal products and non-ferrous metals.

In Europe, stocks are higher, led by a rebound in insurers. The FTSE is up 101 points to 4117. The CAC 40 has gained 111 points to 3284. The DAX has added 141 points to 3720. In other big news German media giant, Bertelsmann AG, has seen its CEO, Thomas Middelhoff, resign.

In Asian markets overnight, stocks also enjoyed a strong rally. The Nikkei gained 76 points to 9667. Th Hang Seng added 203 points to 9976.

In M&A news, Kohlberg Kravis Roberts & Co. is buying Legrand SA, along with a couple of other investors, for US$5 billion.

In earnings news, Telus Corp. saw its second quarter net income plunge from $59.9 million in 2001 to $18.4 million in the latest period.

Emco reported net earnings for the three months ended June 30, of $10.4 million compared to net earnings of $4.6 million for the same period in 2001.

Laidlaw Inc. announced today that it has issued its audited results for the fiscal year ended August 31, 2001. It also announced that a definitive settlement agreement had been executed to settle the federal securities class action litigation with its bondholders. If the settlement receives the required judicial approvals and is implemented, the plaintiff bondholder classes would be paid nearly $43 million and the bankruptcy estate of Laidlaw would receive $12.5 million.