Markets look set to rise on the open today, led by tech stocks. Techs are looking brighter after Novellus Systems Inc. forecast that its sales look stronger this year. There’s also a glut of earnings reports out this morning, which is dictating sentiment.

Brokerage giant Merrill Lynch & Co. recorded a US$1.3 billion loss in the fourth quarter, its first loss since 1998. But Wachovia Corp., the fourth-largest U.S. bank, saw its earnings improve.

Exxon Mobil Corp., the world’s largest publicly traded oil company, saw its fourth-quarter profit fall 49%. Profit at DuPont Co. was down 62%. On the positive side, drug giant Pfizer Inc. reported profits up 38%. And German electronics firm Siemens AG recorded its first profit in three quarters.

These results are having a mixed impact in European trading. The FTSE is up 21 points to 5,170. The CAC 40 is down five ticks to 4,441. The DAX has gained 21 points as well to 5,066.

Overnight in Asia, stocks were weaker once again. The Nikkei lost 10 points to 10,041. The Hang Seng gave away 35 points to 10,762.

In other earnings news, BCE reported a $326 million net loss for the fourth quarter of 2001. Cash baseline earnings were $321 million, but it also took baseline adjustments of $647 million, which include $347 million in restructuring and other charges at Bell Canada.

Weyerhaeuser Company announced a fourth-quarter loss of $15 million, compared with earnings of $194 million for the same period last year.

Astral Media Inc. reported net earnings from continuing operations increased to $22.8 million from $4.2 million for the first quarter. This year’s results include a one-time pre-tax gain of $17 million on the sale of its 14.95% stake in The Comedy Network Inc. to Corus Entertainment Inc. Astral also announced a two-for-one stock split.