Stocks look set to open higher once again today, as corporate optimism abounds this morning.

This warm feeling comes follows news that Wal-Mart Stores Inc.’s first-quarter earnings jumped 20%, Swiss banking giant UBS AG reported better than expected results, and Office Max reported its first profit after two years of losses.

Also, traders are hoping that when Applied Materials Inc. and BEA Systems Inc. report later today, the tech stocks will get a signal that the industry is turning.

The economic news is supporting the market’s optimism today, too. U.S. retail sales came in up 1.2% for April, a bigger than expected gain. Strong car sales, gas sales and department store receipts led the way.

In Canada, it was reported that new motor vehicle sales reached an all-time high in the first quarter, despite a 3.8% decline in March compared with February. This decrease was mainly attributable to a steep drop in truck sales.

Stocks are up across Europe this morning on the same good feelings. The FTSE has gained 10 points to 5,214. The CAC 40 is up 70 points to 4,445. The DAX is strongest, adding 74 points to 5,049.

Overnight in Asia, stocks were mixed as usual. The Nikkei gained 19 points to 11,356. The Hang Seng dropped 43 points to 11,690.

In M&A news, Cognicase Inc. is buying Meta-4 Systems Corporation, a Montreal-based provider of installation and technical services for mid-range and micro computer systems and automated teller machines. No price was disclosed.

In earnings news, Cabletel Communications Corp. recorded its second consecutive profitable quarter, despite lower net sales, Cabletel reported net earnings of $60,951, as compared to a loss of $214,914 for the first quarter of 2001.

For the three months ended March 31, Oncolytics reported a net loss of $1.27 million, compared to a loss of $1.01 million for the same period in 2001.

FirstService Corporation reported its net earnings were US$550,000 flat from the quarter a year ago.

Sleeman’s net income increased to $2 million for the first quarter of 2002, up from $1.5 million during the same period last year.