Stocks look set to rise this morning, led by a tech rebound. Oracle Corp. says its sales slump may have bottomed. This is boosting Oracle and other names such as Cisco Systems Inc.

Big U.S. brokers are reporting mixed earnings, with Lehman Brothers Holdings seeing net income rise 14%. But at Goldman Sachs Group Inc. second-quarter earnings are down 24%.

On the economic front, U.S. housing starts fell 0.4% in May, but they are still considered relatively strong in the face of a declining economy. Stocks are also getting a boost from increasing speculation that a 50 basis point rate cut is in the cards.

In Europe, stocks are up on the Oracle news. Also, Airbus Industrie reports it won an order for 111 planes valued at US$9.4 billion from International Lease Finance Corp. boosting transports. The FTSE in London is up 62 points to 5734. The Paris CAC 40 has gained 75 points to 5235. The German DAX has added 99 points to 5968.

Overnight in Asia, stocks were mixed. The Nikkei slid 124 points to 12574. The Hang Seng though added 185 points to close at 13134.

In M&A news, Chieftain International Inc. is being bought out by Dallas-based Hunt Oil Company for US$29.00 per share in cash, about US$600 million, approximately $915 million.