Stocks are expected to open with slight gains this morning. Stocks such as Expedia Inc. and MRV Communications Inc. are up after reporting better-than-expected earnings.

Verizon Communications Inc. saw its second-quarter profit rise 6.9%, although it cut its forecast.

On the economic front, U.S. personal income and spending rose 0.3% and 0.4% respectively, slightly ahead of the consensus expectations. Markets haven’t reacted much to the news, although traders may be more interested in the Consumer Confidence numbers due later today, as the consumer seems to be the only source of strength in the U.S. economy.

In Canada, GDP was reported up 0.3% in May, the strongest showing in seven months. The end of several public sector strikes and increased auto production are being credited with the increase.

A second month of improved performance in the stock markets also increased financial services output. Total factory output rose 0.9% in May, as production of automobiles and electronic equipment rose.

In Europe, stocks are up again, led by food retailers, drugs and utilities. In London, the FTSE is up 36 points to 5,482. In Paris, the CAC 40 is the lone losers, down a point to 5,033, after the French unemployment rate rose for the first time since August 1998. Germany’s DAX is up five points to 5,797.

Overnight in Asia, markets are bouncing back after Japan’s Nikkei hit a 16-year low yesterday. Today, consumer electronics giant Matsushita Electric Industrial Co. recorded a larger-than-expected first-quarter loss and NEC Corp. said it will cut 4,000 jobs. But Honda Motor Co.’s first-quarter profit rose 40%. The Nikkei closed up 282 points to 11,861. In Hong Kong, the Hang Seng added 230 points to 12,317.

In other news, Biovail Corp. reported net income increased 82% to $44.1 million for the second quarter of 2001 versus second quarter 2000 net income of $24.2 million.

CGI Group Inc. ‘s net earnings in the third quarter of fiscal 2001 were $17.3 million, up 152.2% over the same period in the prior year, and up 14% sequentially over the $15.2 million reported in this year’s second fiscal quarter.

The firm is also maintaining its guidance for fiscal 2001 revenues and narrowing the range to between $1.58 billion and $1.6 billion. It expects to generate cash net earnings 29¢ to 30¢ a share for the year.