Stocks look set to rise on the open today, led by the techs. IBM and Intel both said yesterday after the bell that they expect to meet analyst expectations, and they are gaining impressively. There’s also plenty of earnings news out today.

In the financial sector, Citigroup reported its third-quarter profit dropped 8.6%, blaming it on the September 11 attacks. Also, J.P. Morgan Chase saw a 68% drop in its profits, thanks to weak markets and September 11.

But there are gains in the financial group led by Merrill Lynch after a Wall Street Journal
In other earnings news, Pfizer Inc., the world’s biggest drugmaker, saw its profit up 52% in the third quarter. Ford Motor produced a US$692 million loss in the quarter.

In economic news, U.S. housing starts rose 1.7% unexpectedly in September. But the big news is expected to be a speech from U.S. Federal Reserve Board chairman Alan Greenspan later today.

In Europe, stocks are gaining on the earnings news, but also on news of lower inflation in the region, which is sparking rate cut hopes. The FTSE is up 107 points to 5,189. The CAC 40 has gained 134 points to 4,442. The DAX is rallying up 125 points to 4,752.

Overnight in Asia, markets were strong too. The Nikkei added 118 points to 10,755. The Hang Seng gained 132 points to 10,261.

In other business news, Thomson Corp is lowering its revenue and EBITDA guidance for the full year, blaming September 11 and changing market conditions. Thomson now expects 2001 EBITDA from ongoing operations to increase between 12% and 15%.

Alcan Inc reported third quarter net income of US$121 million, compared to US$128 million in the second quarter of 2001. The firm says it expects business conditions to continue to be challenging however, and a restructuring program is being implemented, that is expected to improve annual pre-tax earnings by about US$200 million.

In other news today, an enhanced reciprocal agreement was signed today by the wireless units of Bell Canada, Aliant and Telus, that will significantly expand access to advanced digital voice and data services across Canada and bring competition to rural areas.

The agreement extends current roaming and resale agreements and will enhance the reach of Bell Mobility’s digital PCS service across rural Alberta and B.C. Telus Mobility customers gain seamless access to the Bell Mobility digital PCS network in Ontario and Québec, extending Telus Mobility’s rural coverage in Ontario and Quebec.

Also, Lorus Therapeutics Inc. announced for the first quarter ended August 31, it incurred a loss of $3,056,000, compared to a loss of $2,536,000 for the first quarter last year.