Stocks are looking stronger this morning on some positive corporate news. Home improvement retailer Lowe’s Co. is up after announcing a significant gain in earnings last quarter. It’s hoped that such positive news will be replicated at firms such as Home Depot and HP, and could signal an economic recovery.

On the weak side of the ledger is news that Wal-Mart’s November sales are expected to fall to the low end of its estimates. Also, United Airlines is cutting 9,000 jobs and Advanced Micro Devices Inc. says it may have as much as US$600 million in charges to its upcoming earnings.

In Canada, the Monthly Survey of Manufacturing for September is out, but comes with a mixed message. Shipments rose 1.2% from August to $44.5 billion, the third consecutive increase. However, finished-product inventories rose, and unfilled orders slid. Year-to-date shipments were up 0.6% from the same period of 2001. In September, 12 of the 21 major manufacturing industries, representing almost 77% of total shipments, posted increases. On a provincial basis, shipments were up in seven provinces. Ontario led the pack with a 1.6% rise in dollar-value shipped compared with August. Following close behind were Alberta (+4.1%) and Quebec (+1.0%).

Also, it was reported that the Composite Index was unchanged at 0.2% in October, the same as in August and September.

In Europe, stocks are up early this morning with gains coming in Vodafone Group PLC, Munich Re and Bayer. Merrill Lynch & Co. raised its rating on European telecoms, driving some of this strength. The FTSE is up 49 points to 4,141. The CAC 40 has gained 65 points to 3,227 and the DAX is up 62 points to 3,254.

Overnight in Asia, stocks were mixed once again. The Nikkei slipped after the yen dropped against the dollar on speculation that the Japanese government may take control of some banks. The index lost 158 points to 8,346. The Hang Seng has gained 54 points however to close at 9,920.

In earnings news, Onex Corporation announced net earnings were $34 million, up from $23 million in the third quarter last year.

Héroux-Devtek Inc. reported net income for the second quarter decreased 31.2% to $2.9 million, compared to $4.2 million for the same period last year.