Stocks are looking at a brighter open this morning, as traders cheer the resignation of embattled WorldCom CEO Bernie Ebbers.

WorldCom has been battered by accounting worries, and the firm is facing an investigation by the U.S. Securities and Exchange Commission.

In other business news, Procter and Gamble’s earnings came in 16% higher, thanks to a strong topline recovery. Also, Qwest Communications saw a wider loss in its latest quarter.

On the economic front, Canada’s GDP rose 0.5% in February, following a 0.6% increase in January. These were the largest back-to-back monthly increases since the end of 1999. Most areas of the economy reported gains in February, but the manufacturing sector was the leader with a 2.3% jump.

Industrial product and raw materials price indexes were also released this morning. The Industrial Product Price Index fell 1.2% in March compared with March 2001, their sixth consecutive decline. Lower petroleum and coal product prices led the way. If they had been excluded, the IPPI would have fallen 0.2% instead of 1.2%.

The Raw Materials Price Index dropped 7% in the month, the eighth consecutive period of annual decline. Mineral fuels were responsible for most of the retreat in the index. If mineral fuels had been excluded, the RMPI would have declined 4.5%.

In Europe, socks are down a bit, as some weak corporate news sours traders. BP plc saw its first quarter profit drop 69%. Also, Santander Central Hispano SA unveiled plans to cut 11,000 jobs. The FTSE is down just a single point to 5,153. The CAC 40 has lost 14 points to 4,417. Also, the DAX is down 45 points to 4,963.

Overnight in Asia, stocks were mixed. The Nikkei dropped 49 points to 11,493. However, the Hang Seng gained 136 points to 11,498.

In M&A news, Hynix Semiconductor Inc.’s board has rejected a US$3 billion bid from Micron Technology Inc. for its chip division.

Also, Drug Royalty Corporation Inc. completed its sale to Inwest Investments Ltd., which will see it go private.

In earnings news, Call-Net Enterprises Inc.’s net loss for the first quarter was $91.8 million, compared to a net loss of $185.9 million in the first quarter of 2001.

PRI Automation reported that its loss-per-share was in line with the guidance set in January 2002, at 27¢, versus a loss of $1.18 per share in the second quarter of 2001.

CryptoLogic Inc. generated net income of $2.2 million on revenue of $8.7 million in its latest quarter.