Stocks look set to open higher this morning as some good corporate news buoys traders’ spirits.

Intel Corp. is leading the tech group higher today. Johnson & Johnson is making gains on behalf of the broader market, after it reported its third quarter net income rose 16% to US$1.53 billion.

Also, Bank One Corp. saw its third-quarter profit rise 30%. The dollar is up in response to the renewed optimism.

There is some gloom in telecom giant AT&T Corp., after it announced that, along with joint venture partner British Telecommunications plc, will take about US$7 billion in charges and cut 2,300 jobs in winding up their failed collaboration.

There’s also some weakness in chips after, ASML Holding NV announced that it will further reduce its global work force by approximately 1,400 positions, 17%. It will take charges of about 400 million euros.

Nevertheless, European stocks are generally overcoming the weakness in ASML and BT. Royal Philips Electronics NV and Commerzbank AG are up on the hopes that their cost cutting is setting the stage for future profits.

The FTSE is up 57 points to 5,124. The CAC 40 has gained 66 points to 4,280. The DAX is up 55 ticks to 4,604.

Overnight in Asia markets gained too on stronger profit hopes. The Nikkei jumped ahead 185 points to 10,638. The Hang Seng added just 18 points to 10,149.