Before the bell 3-08-07: Market expected to open strong

U.S. stock markets are poised to open higher today following yesterday's sell-off. S&P 500, Dow Jones Industrial and Nasdaq-100 Index futures were all trading higher in London. according to Bloomberg News. Investors also will digest a report released today by the Federal Reserve showing modest growth in most of the country as consumer borrowing continues to rise.

Here's a quick rundown of other market-moving news:

Costco Wholesale Corp. (NASDAQ:COST) today reported disappointing second-quarter results as expenses grew faster than revenue. Net income was $249.5 million, or 54 cents per share, compared with $296.2 million, or 62 cents, a year earlier. Excluding one-time items, profit would have been 66 cents. Revenue rose 7.5 percent to $14.06 billion. Analysts expected profit of 66 cents on sales of $15.48 billion.

Wal-Mart Stores Inc. (NYSE:WMT) reported a 0.9 percent increase in same-store sales in February, below the 1.5 percent expected by analysts polled by Thomson Financial, according to the Associated Press.

Take-Two Interactive Software Inc. (NASDAQ:TTWO) is facing a proxy fight from an investors group seeking to take control of the board of directors and oust the CEO. Last month, company founder and former chief executive Ryan A. Bryant pleaded guilty to a state felony charged in connection with an options backdating scheme.

Walgreen Co. (NYSE:WAG) was sued by the Equal Employment Opportunity Commission for allegedly discriminating against Black employees, according to the New York Times.

Express Scripts Inc. (NASDAQ:ESRX) upped its $26.1 billion hostile takeover offer to buy Caremark Rx Inc. (NYSE:CMX), in an effort to thwart rival CVS Corp. (NYSE:CVS).