St. Jude Medical, (STJ: chart), medical device maker, reported Q1 earnings of 36 cents a share, up from 32 cents a share in the year-ago period on 18% revenue growth. If not for non-recurring items, earnings would have been 39 cents a share, topping analyst estimate of 36 cents a share.

First Cash Financial Services Inc., (FCFS: chart), operator of pawnshops and consumer-credit stores, reported that Q1 earnings advanced 26% to 23 cents a share, from 18 cents in the year-ago period on 19% higher revenue. The latest figure reflects a penny a share of costs for stock-option expense. The company topped analysts’ estimate of 21 cents a share. Same-store sales for Q1 rose 13%.

CIT Group Inc, (CIT: chart), consumer finance company, reported that Q1 net income advanced to $1.12 a share, up from $1.06 a share in the year-earlier period, topping analysts’ estimate for earnings of 12 cents a share. The group added that profitability improved across its businesses in commercial finance and specialty finance.

Pfizer, (PFE: chart), drug maker, reported Q1 earnings of 56 cents a share, up from 4 cents a share in the year-ago period. If not for non-recurring items, earnings would have been 61 cents a share. Revenue dropped to $12.66 billion from last year''s $13.09 billion. The company topped analysts’ expectations for earnings of 53 cents a share. Global Lipitor sales advanced a less-than-expected 3% to $3.11 billion. The company added that it continues to expect to earn $2 a share in 2006.

Wolverine World Wide Inc., (WWW: chart), shoe maker, reported that Q1 net income advanced 21.7% to 34 cents a share on 7.2% revenue growth, beating analysts’ views of earnings of 30 cents a share. Wolverine added that its Merrell brand was the leading driver behind the improved sales and profit, with the brand''s revenue showing growth in the high teens. The company also announced that it expects 2006 earnings per share to be in the upper half of its previously announced range of $1.34 to $1.40.

Knight Capital Group Inc, (NITE: chart), equities trade execution firm, reported Q1 net income soared to $49.1 million, or 47 cents a share, from $5.8 million in the year-ago period on more than a double revenue growth. The company added that its profit was after charges of 5 cents a share related to real estate costs. The company beat analysts’ expectations for earnings of 30 cents a share.

8:15AM European average rallied at mid-day.
European markets gained ground at mid-day dealings, following the best one-day performance on Wall Street Tuesday. Stocks shrugged of rising crude oil prices and posted solid gains on speculations the Fed Reserve will stop raising interest rates. The German DAX 30 climbed 1.4%, the French CAC 40 rose 1.1%, while London FTSE 100 advanced 0.6%.

7:45AM Asian markets closed sharply higher.
Asian-Pacific benchmarks sharply advanced across the region, reflecting a strong U.S. markets rally overnight and speculations that the Fed’s cycle of rate increases was coming to an end. As a result regional technology and property stocks gained strength. Retreating oil prices also provided a boost to the market sentiment. The Nikkei rose 0.7% to 17,350.12, lifted by financial, tech and consumer shares. Among leading gainers, Fujitsu climbed 1.3%, Sony rose 2.1%, and Kyocera surged to 3.1%. South Korea’s Kospi soared 1.3%, boosted by a 2.3% advance for Samsung Electronics and 2% rise in LG Electronics. Hong Kong’s Hang Seng climbed 1.2% on support from property and energy stocks. Taiwan Weighted index gained 1.1%, Singapore Straits Times rose 0.9%, and Australia’s All Ordinaries was up 0.6%.