Stocks are poised for a flat open this morning, as traders await a decision on interest rates from the U.S. Federal Reserve this afternoon. Most traders are betting on a 50 basis point cut, although some analysts see a mere 25 bps move based on mixed economic signals.

A glut of earnings announcements out in the United States will provide direction this morning. Wal-Mart’s reported its first quarter profit was up 4.1%. Home Depot said its first-quarter earnings rose unexpectedly. UBS AG, Switzerland’s largest- bank, said its first-quarter profit dropped 29%.

On the tech side, Baltimore Technologies plc saw its quarterly loss increase to US$102 million, and announced that it is trimming its workforce by 18%. Silicon Valley Group Inc. is cutting 10% of its workforce, after announcing weak results.

In Europe, stocks are generally up however in anticipation of a U.S. rate cut. The FTSE is up 159 points to 5,850. The CAC 40 has gained 27 points to 5,515. The DAX is up six ticks to 6,071.

Overnight in Asia, stocks were mixed ahead of the Fed decision. The Nikkei added 181 points to 14,054. The Hang Seng shed nine points to 13,250.

In domestic earnings news, Sleeman Breweries Ltd. announced a 43% rise in net income to $1.5 million in its first quarter ended March 31.

St. Lawrence Cement Group reported a first quarter net loss of $12.3 million, or 29¢ a share, down from a 22¢ a share loss in 2000.

Centrinity Inc. saw a net loss for the second quarter of fiscal 2001 of $8.2 million, or 34¢ a share, compared to a net loss of $3.2 million, or 16¢ a share, for the first quarter last year.

Zi Corp. reported its results for the three months ended March 31, with a net loss of $3 million, compared to a $2 million loss during the same period in 2001. It said the larger loss can be attributed to litigation costs and the costs associated with the expansion of the global sales and marketing group.

Ultra Petroleum Corp. today reported record earnings and cash flow for the quarter ended March 31. Net income increased to $11 million, or 16¢ a share, in the first quarter of 2001 compared to 1¢ a share for the same period in 2000.