Stocks are poised to run higher out of the gate today, as the tide of earnings turns trader sentiment positive once again.

The momentum began overnight after both IBM and Advanced Micro Devices increased their sales forecasts. This move was reinforced by Nokia Oyj, which reported that is sales are up and profit tripled last quarter. Philip Morris saw its profit double last quarter. Eastman Kodak Co. raised its earnings forecast. And, Colgate-Palmolive Co. report modestly higher profits. Sears, Roebuck & Co. reported lower third-quarter earnings, and it cut its profit outlook.

In economic news there’s a mixed bag from the U.S., where initial jobless claims rose once again last week. But, housing starts reportedly rose 13.3% in September.

In Canada, the Monthly Survey of Manufacturing is out. It reports that manufacturers boosted shipments 0.6% to $43.9 billion in August, but the increase was largely the result of higher prices for petroleum and coal products. The wood products industry increased as well, continuing to recover from recent lows. The rise in shipments for August was concentrated in non-durable goods industries, up 1.5%. Shipments of durable goods have been mostly contracting in recent months, falling 0.1% in August.

In Europe, stocks are up on earnings news there too. Nokia is boosting the tech space, as are IBM and AMD. Also, SAP AG, Prudential plc and Wella AG reported higher than expected results. The London FTSE is up 111 points to 4169. The Paris CAC 40 has gained 122 points to 3190. The Berlin DAX is up 148 points at 3157.

Overnight in Asia, stocks rose. The Nikkei added 75 points to 8960. And, the Hang Seng finished up 117 points higher at 9576.

In M&A news, Manulife Financial has entered an agreement to acquire the life insurance and pension & education operations of CMG Philippines from Commonwealth Bank of Australia, subject to regulatory approval. The terms of the deal were not disclosed.

In local earnings news, Burlington Resources Inc. reported estimated net income of US$79 million for the third quarter of 2002, compared to net income of US$73 million during the same quarter of 2001. QLT Inc. reiterated its annual sales guidance of US$275 million to US$300 million and EPS guidance of 40¢ to 45¢ by year end.