Stocks are looking to open higher Thursday, driven by some strong corporate earnings news. General Motors is leading the way with a US$1 billion profit reported for the fourth quarter. Retail giant, Sears, saw its profits rise 72%.

The U.S. Consumer Price Index recorded a 0.1% gain on the headline and the core rates in December. The gain was less than expected. Also, U.S. jobless claims fell once again last week, down another 32,000 to 360,000. The jobs number is a good sign for the U.S. recovery, while inflation remains of no concern.

The one negative spot is trader nervousness about the threat of war with Iraq. Crude oil prices are up after the UN suggested that Iraq isn’t being cooperative enough with weapons inspectors.

Stocks are up across Europe on news that the German economy is growing very slowly. The DAX is 21 points ahead at 3,070. In London, the FTSE is more or less flat at 3,888, while in Paris the CAC 40 has gained 30 points to 3,164.

Overnight in Asia, stocks were weaker. The Nikkei slid three points to 8,609. In Hong Kong, Hang Seng surrendered 130 points to close at 9,743.

In M&A news, Tri-White Corp. reports that its offer to acquire ClubLink has failed. The bid has expired, with it now owning approximately 30.8% of ClubLink. Tri-White may be required to sell all or a portion of the common shares acquired under the offer.

In earnings news, Luxell Technologies Inc. announced its net loss for the first quarter was $1,956,550 compared to a loss of $335,681 for the first quarter of 2002.

MAAX Inc. announced comparable net income (before amortization of goodwill) rose 79.9% to $9.8 million, up from $5.5 million in the equivalent quarter of the previous fiscal year.

Transat recorded a net income of $7.8 million compared with a net loss of $99 million in 2001, which included an after-tax charge of $94.8 million for unusual items.