Stocks are positive this morning with traders bullish on the U.S. economy once again. Names such as General Motors Corp., JDS Uniphase Corp. and Apple Computer Inc. were all up in pre-market trading.

In corporate news, retailer Lowe’s Cos. reported its profits were up 42% in the last quarter, more than was forecast.

In economic news, Canada’s Monthly Survey of Manufacturing found that manufacturers’ shipments were steady in June. Their shipments registered a
slight 0.1% decline to $43.2 billion. This decline can be attributed mostly to the wood industry, which was affected by the re-instatement of U.S. softwood lumber duties. Excluding this industry, total manufacturing shipments rose 0.4%.

Crude oil prices are up after Kuwait’s oil minister suggested that OPEC should maintain current quotas.

In Europe, stocks are up so far, as bargain hunters buy up some cheap stocks. Allianz AG, Nokia Oyj and Aegon NV are all doing well. AstraZeneca plc is weaker after a study found that its lung cancer pill didn’t help patients live longer. The London FTSE is up 26 points to 4356. The Paris CAC 40 has gained 46 points to 3420. The German DAX added 38 points to 3723.

Markets were weaker in Asia overnight following a slide in the Yen after Standard & Poor’s suggested ithat t may cut Japan’s credit rating. The Nikkei
dropped 189 points to 9599. The Hang Seng lost 18 points as well to close at 10247.

In earnings news, Petrobank Energy and Resources reported that for the second quarter of 2002, net income decreased from $3.2 million for the
second quarter of 2001 to $0.5 million for the current period. These declines are primarily the result of lower commodity prices and production levels.