Stocks look set to rise modestly on the open, as recent losers appear set to bounce back. Yesterday’s losers such as Advanced Micro Devices Inc. and the big automakers are poised to rise.

Also, Qualcomm Inc. said that its third quarter profits will beat forecasts. There is no big economic news out to get in the way of an opening gain, either.

In Canada it was reported that corporate operating profits rose for the first time in more than a year in the first quarter of 2002, as the economy continued its recovery. Operating profits reached $34.7 billion in the first quarter, up 9.0% from the fourth quarter of 2001. This rebound, which followed four straight quarterly declines, put corporate profits just under the level reached in the third quarter of 2001. However, corporate profits were far below the most recent peak of $45.3 billion in the fourth quarter of 2000.

In Europe, stocks are mixed and only moving modestly. The FTSE is up 36 points to 4,616. The CAC 40 has dropped seven points to 3,825. The DAX is four points to the good at 4,250.

Overnight in Asia, stocks finished the week decidedly lower, following weakness in the U.S. The Nikkei dropped 259 points to 10,354. The Hang Seng dropped 163 points to 10,592.

In earnings news, Shermag Inc. reported that its net earnings for the year were $7.2 million, compared to $13.3 million in the previous year. Gross margins were 27.2% compared to 29.4% the previous year. This was primarily due to inefficiencies generated by the HomeLife bankruptcy, weaker pricing power in the highly competitive U.S. retail environment, as well as aggressive liquidation of non-core inventories.

Bombardier Transportation is reporting that it has won a contract valued at $757 million from a UK train operator, Connex South Eastern. This order includes the manufacture of 228 electric cars valued at approximately $424 million, and a 30-year maintenance agreement.