North American stocks are expected to rise at the open Wednesday, with the media sector again in focus after Time Warner reported weaker profit and as deal speculation continues to swirl around newspaper publishers.

Time Warner’s first-quarter net income fell 18%.

Shares of Dow Jones, the publisher of The Wall Street Journal, surged US$8.74 to US$61.11 in light German trading on speculation that News Corp. will either raise its bid or that a rival suitor may emerge. The unsolicited bid for Dow Jones bolstered media stocks yesterday.

On the economic front, data are due on U.S. factory orders for March.

There are no major economic releases from Statistics Canada.

The Canadian dollar opened at US89.94¢, down 0.11 of a cent.

In earnings news, BCE Inc, which is entertaining takeover offers, said its first-quarter earnings rose to $499 million from a year-earlier $477 million.

Torstar reported a first-quarter net profit of $15.7 million, up from $9.8 million in the year-earlier quarter.

Sprint Nextel swung to a first-quarter net loss on severance-related costs, as it continued to lose high-margin subscribers and slip further behind its competition.

Cigna’s first-quarter net income fell 18% from a year earlier.

In M&A news, Citigroup agreed to acquire financial-services outsourcing firm Bisys Group for US$1.47 billion, as the company expands its hedge- and mutual-funds services and private-equity operations.

Shares of the NYSE Euronext declined in Paris trading amid speculation that, after securing a US$3 billion credit facility, it may try to top Deutsche Boerse’s agreed US$2.8 billion acquisition of the International Securities Exchange.

Crude-oil futures were off 19¢ to US$64.21 a barrel.

Overseas, the FTSE 100 added 0.7% in London. The Nikkei 225 climbed 0.7% in Tokyo.

Toronto stocks fell modestly Tuesday, as weakness in the materials and financials sectors offset strength in energy and the broader market.

The S&P/TSX composite index fell 10.35 points, or 0.08%, to 13,406.33.

The junior S&P/TSX Venture composite index fell 38.82 points, or 1.19%, to 3,227.10.

In New York, markets were up, and the Dow Jones industrial average posted a new record high, as investors cheered lower oil prices and strong economic data.

The Dow gained 73.23 points, or 0.56%, to 13,136.14, the Nasdaq composites index moved up 6.44, or 0.26%, to 2,531.53, and the S&P 500 rose 3.93, or 0.27%, to 1,486.30.