Stocks Set To Open Higher

Stocks appeared set to open higher Thursday as earnings continue to be reported.

Smith International
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posted
Q3 earnings of 84 cents a share beating analysts’ estimates by 3 cents and
outpacing earnings from a year ago by 43 cents. The company’s revenues came in
at $909.7 million, a 27% increase, citing increased drilling for natural gas
in the United States.

Tollgrade Communications
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reported Q3 earnings of 16 cents a share on a net basis. Earnings beat analysts’
expectations by a penny. Revenues for the company came in at $16.04 million, a
decrease of 46%.

According to a report in the Wall
Street Journal,
securities trading firm Bear Stearns
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is expected
to announce a 7.5% decrease in its workforce.

Chocolate maker Hershey Foods
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posted Q3 earnings of 88 cents a share, an increase of 12% from the same period
a year ago and beating analyst mean estimates of 86 cents a share, according to
Thomson Financial/First Call.

Check Point Software
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reported Q3 profits of $74.3 million, an increase of more than 20% from the same
period a year ago. Earnings came in line with analysts’ estimates of 29 cents a
share, according to Thomson Financial/First Call.

Consumer products maker, Dial Corp
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posted earnings of 26 cents a share before special charges. Earnings came in
line with analysts’ consensus, according to a poll taken by Thomson
Financial/First Call.

Dianon Systems
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posted Q3
earnings of 28 cents a share on a diluted basis, an increase of 27% from the same
quarter a year ago.

Automaker, General Motors
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reported Q3 earnings of 85 cents a share, a decrease of 54% from the same
quarter one year ago. GM beat analysts’ estimates by 5 cents, based on data
collected by Thomson Financial/First Call.

Textron
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posted a loss of 25
cents a share or $35 million for the third quarter.

Merck & Company
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reported
Q3 earnings of 84 cents, beating estimates by a penny. Revenues for the drug
maker increased 12.8% to $11.92 billion.

Morgan Stanley downgraded Immunex
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from Outperform to Neutral, based on the company’s valuation.

CIBC World Markets upgraded Symantec
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from Buy to Strong Buy and put a price target of $65 a share.

Olin Corp
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was upgraded by
Morgan Stanley from Outperform to Strong Buy.

Texas Instruments
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was
downgraded by Merrill Lynch analyst Joe Osha from Buy to Near Term Accumulate.

Soft drink maker Coco-Cola
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reported earnings of 43 cents for Q3, beating analysts’ consensus of 40 cents.