Stock markets are looking modestly positive this morning, as a flood of corporate earnings washes over the market.

AT&T Corp. saw its first quarter loss widen to US$975 million, while GlaxoSmithKline plc reported first quarter profits jumped 49%.

Amvescap plc saw its quarterly profit drop 47%, due to slower fund sales in the U.S. Xerox Corp. had a US$64 million loss in the first quarter too.

The local earnings slate is very heavy, too. NOVA Chemicals Corp reported a loss of $66 million. This compares to a loss of $88 million in the fourth quarter of 2001, and a $10 million loss during the first quarter of 2001.

Pioneer Natural Resources Co. reported a net loss of $2 million for the first quarter of 2002. The first quarter net loss included a noncash $5.4 million charge for the collapsed Argentine peso. For the same period last year, Pioneer reported net income of $67.9 million.

Potash Corporation of Saskatchewan Inc. reported first-quarter net income of $12.8 million, down from $62.4 million in the period a year ago.

Noranda Inc. reported earnings of $1 million for the first quarter of 2002. This compares to earnings of $24 million in 2001.

In the first quarter of 2002, Abitibi-Consolidated reported a loss of $50 million on sales of $1.25 billion. This compares to a restated loss of $22 million on net sales of $1.73 billion in the same period last year.

For the first quarter of 2002, BCE Inc. reported total revenue of $5.2 billion and net earnings of $301 million. BCE also announced that it will cease further long-term funding to Teleglobe Inc. It will provide short-term periodic funding to Teleglobe up to a maximum aggregate amount of between US$100 million and US$125 million. Teleglobe Inc. said that in light of the decision by BCE, it is now pursuing a range of financial restructuring alternatives, potential partnerships and business combinations.

In economic news, U.S. Durable Goods Orders for March fell 0.6%. Although the report notes that the data does not include semiconductors because the chipmakers wouldn’t supply numbers.

In Canada, the Composite Index for March jumped up to 1.3%, its largest gain in 15 years. This comes after it turned up rapidly from 0.1% in November to 1.1% in February. Only one component fell, compared with two in February; the manufacturing sector lagged behind, as it usually does early in an upswing.

In Europe, stocks are mixed so far today, as earnings news makes it way through the digestive tract. The FTSE is up 30 points to 5,221. The CAC 40 has dropped five points to 4,558. Also, the DAX is up eight points to 5,199.

Overnight in Asia, stocks were mixed there too. The Nikkei dropped 64 points to 11,673. The Hang Seng gained 51 points to close at 11,397.

In M&A rumours, Nasdaq and the London Stock Exchange are said to be in merger talks, a deal would create the world’s largest equity market.