9:45AM U.S. markets opened higher, boosted y media stocks.
U.S. stocks opened higher on Wednesday, lifted by deal news in the media sector and better-than-expected corporate profits. The Dow Jones industrials crossed 13,200 for the first time after a strong reading on U.S. factory orders raised optimism about the economy. The Commerce Department said orders to U.S. factories jumped 3.1% in March, helped by strong demand for commercial aircraft, easily beating forecasts of 2% increase.

On the earnings news front, Master Card (MA: chart) surged 10% after reporting 70% earnings rise to $1.57 per share from 94 cents per share a year ago, beating estimates of $1.15 a share. Revenue climbed 24% on favorable currency exchanges and stronger use of its brand overseas. Yum Brands Inc. (YUM: chart) reported a 14% increase in Q1 earnings as its international operations turned in a tidy profit.

Real estate stocks were notable gainers in early trading, led by Jones Lang Lasalle (JLL: chart) and CB Richard Ellis Group (CBG: chart), rising 15% and 13%, respectively. CB Richard Ellis, the biggest U.S. commercial real estate brokerage, posted a lower quarterly profit due to charges. However, excluding the charges, the company''s earnings beat analyst estimates. Cablevision Systems Corp. (CVC: chart) jumped 8% after the cable TV provider said it struck a $10.3 billion deal to be taken private by its controlling shareholders, the Dolan family.

In early trading, the Dow Jones industrial average rose 37.46, or 0.29%, to 12,173.60. The Standard & Poor''s 500 index advanced 3.19, or 0.21%, to 1,489.49, and the Nasdaq composite index rose 5.44, or 0.21%, to 2,536.97. Bonds showed little movement, with the yield on the benchmark 10-year Treasury note unchanged at 4.64% from late Tuesday.


9:30AM London equities gain Wednesday on BSkyB and Lonmin.
The UK market was higher on Wednesday. By mid-day, the benchmark FTSE 100 Index rallied 37.2, or 0.6%, to 6456.8.

Advancers

BSkyB, the satellite pay-TV company, jumped 6.8%. The shares rose the most in four years after the company posted a smaller-than-expected drop in third-quarter profit. Net income dipped 6% to 142 million pounds, or $284 million, beating analysts estimates of 132 million pounds.

Lonmin, the world third-largest platinum producer, rallied 6.4%. The company first-half loss narrowed to $3 million from $67 million a year earlier. Antofagasta, owner of copper mines in Chile, climbed 3%. Vedanta Resources, the largest copper producer in India, gained 2.2%. Xstrata, the world fourth-largest producer of the metal, advanced 2.1%.

William Morrison, the fourth-biggest U.K. food retailer, gained 1.4%. Reportedly, investors bought the stock late yesterday on speculation the company may soon receive a private-equity bid.

Liberty, the U.K. largest owner of shopping malls, rose 2.1% after Credit Suisse raised its recommendation for the shares to outperform from underperform.

Decliners

PartyGaming declined 7%. The world biggest Internet poker company announced that annual profit will miss analysts estimates significantly because of higher-than-forecast costs for signing up customers in the first quarter.

Retailer Home Retail shrugged off challenging conditions for consumers as it reported profit before tax goodwill and one-off items up 12% to 376.7 million pounds in the year ended March 3 2007. The company lost 1.3%.

Northgate says that due to the impact of the challenging market conditions in criminal justice and the group''s on-going investment in sales and marketing, underlying profits will be towards the lower end of management''s expectations. The software group also unveiled a 260 million pounds acquisition in Belgium. Northgate plunged 6.3%.


9:15AM U.S. stock futures traded higher. Jobs data were the weakest in 4 years.
U.S. stock futures traded higher Wednesday, although a payroll data helped erase some of the earlier gains. The ADP national employment report said private employment gained 64,000 in April, the weakest job growth in four years.

The media sector was in the spotlight as Time Warner (TWX: chart) reported earnings. The media giant said its Q1 profit slipped 18% to $1.20 billion, or 31 cents per share, from $1.46 billion, or 32 cents per share a year ago, but beat expectations as revenue increased by 9%. Time Warner also raised its full-year profit outlook, saying it now expected to earn $1.05 per share. Among other companies releasing earnings before the opening bell, Chipotle Mexican Grill (CMG: chart) rallied 3.4% in pre-open after the restaurant owner reported a stronger-than-forecast 56% profit rise.

Deal speculation in the sector also provided support. Dow Jones (DJ: chart) continued to advance amid speculations that News Corp. (NWS: chart) will raise its bid or that a rival suitor may emerge. In other deal news, Citigroup (C: chart) agreed to buy financial services outsourcing company Bisys Group (BSG: chart) for $1.45 billion in cash. S&P 500 futures rose 1.70 points to 1,494.40 and Nasdaq 100 futures inched up 0.50 of a point to 1,886.25. Dow industrial futures gained 17 points to 13,195.


9:00AM Asian markets end higher on Wednesday, as Japan advanced on auto stocks.
Asian markets advanced on Wednesday. In Japan, the 225-issue Nikkei Average finished 0.69% to 17,394.92. Shares of Mazda rose 3.6%, gaining for a second day, after the company reported earlier in the week that group net profit jumped 24% in the January-to-March quarter, helped by stronger sales of its new sport-utility vehicle. Bridgestone rose 2.8% after the company reported a 3.6% rise in first-quarter net profit.