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It seems that Google did it again and investors are reacting. U.S. stock markets are set to open higher as indicated by stock futures. For the Dow, this would be a seven-day winning streak if it closes higher today, as it continues to break its own record.

Yesterday, stock markets ended mixed. The Dow Jones Industrial average broke a new record, but the broader market was down following concerns of rate hikes in China spurred by higher-than-expected GDP growth in the Asian economy. However, earnings from Merrill Lynch, Bank of America and Merck changed investors' focus and help change sentiment,

Today, the market is reacting to another blow-out quarter from search giant Google (NYSE: GOOG), which reported after the close yesterday. American Express (NYSE: AXP), a Dow component, and Advanced Micro Devices (NYSE: AMD) also reported after the close yesterday earnings that beat the Street's estimates. Four more Dow companies are reporting today and the market will take note.

Economy - With no data being released today, the market may listen to Federal Reserve Governor Frederic Mishkin who will speak on the U.S. at 12:30 p.m. and to U.S. Treasury Secretary Henry Paulson who speaks on China at 2 p.m.

Overseas - Asian equities rebounded today, following U.S. Dow gains. European stocks are higher for the first time in three days following a bidding war on Alliance Boots Plc and intensified takeover speculation in the banking and steel industries.

Earnings - Four Dow components are reporting today: Caterpillar Inc. (NYSE: CAT) - beat estimates, Honeywell (NYSE: HON) - beat estimates, McDonald's Corp. (NYSE: MCD) - 62c expected EPS and Pfizer Inc. (NYSE: PFE) - beats estimates.

In other corporate news:
Alliance Boots PLC, Britain's biggest pharmacy chain, could be involved in a bidding war after recommending shareholders to agree to a proposal of 10.6 billion pound (US$21.3 billion; euro15.6 billion) bid from a group compromising its deputy chairman and Kohlberg Kravis Roberts & Co. A rival consortium including private equity group Terra Firma Investments, medical charity the Wellcome Trust and banking group HBOS PLC made an "indicative offer" worth 10.8 billion pounds (US$21.6 billion; euro15.9 billion).

Before the bell 4-20-07: Market to open higher originally appeared on BloggingStocks on Fri, 20 Apr 2007 07:58:00 EST. Please see our terms for use of feeds.

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