Stocks look set for a rally on the open. Names such as Intel Corp., AT&T Wireless Services Inc., and Nokia Corp. all jumped in early morning trading. Analysts are bullish, as the Christmas shopping season gets underway. It was reported that U.S. retail sales were strong over the weekend, bolstering
consumer confidence.

On the downside, there is continued speculation that United Airlines may soon declare bankruptcy.

Stocks are higher in Europe, at midday. The trading is being led by names such as Ericsson AB, Nokia, and ARM Holdings. Merrill Lynch raised its forecasts for the mobile phone firms, boosting their fortunes. Sentiment is also getting a boost from signs that the European economy may be turning around.

The London FTSE has gained 36 points to 4205. The Paris CAC 40 is up 55 points to 3382. And, the German DAX has gained 146 points to 3466.

Overnight in Asia, stocks were mixed. The Nikkei closed down 41 points to
9174, following a slide in the Yen. The slide came after Japan’s Finance Minister stated that its value should drop 23%. The Hang Seng still managed a 135-point gain to 10205.

In M&A news, CGI Group Inc. has completed the acquisition of INSpire Insurance Solutions Inc. for US$5.4 million in cash. INSpire provides claims and policy administration outsourcing services as well as software and consulting services for property and casualty insurance carriers.

Potash Corporation of Saskatchewan Inc. is lowering its earnings guidance. It expects 2002 full-year results will be lower than anticipated. The company now believes that fully diluted earnings per share will be in the range of US $1.00 to $1.10 compared to its previous guidance of $1.20. Cash flow is expected to remain strong at approximately $5.70 per share. The reduced earnings are mainly attributable to a poor fall season. In the domestic market, the late harvest and early winter in much of the cornbelt negatively affected farmers’ ability to apply fertilizer.