Yesterday certainly wasn't pretty for stocks. So today, on the day after what turned out to have more bad news for already beaten up markets, investors are looking for a breather.

After falling to its lows of the year, the tech-heavy

Nasdaq

is set to bounce when the market opens this morning.

At 7:15 a.m. EST,

Nasdaq 100

futures were up 46.50, about 33 points above

fair value as calculated by

TheStreet.com

. The broader market looks like it will also get a boost.

S&P 500 futures were up 6.50 to 1385.30, almost 8 points above fair value, as calculated by

Prudential Securities

. Both point toward a positive mood for stocks since fair value is a good gauge of what direction the market will take in early action.

Afraid you're going to hear more bad news about earnings? Not from Corning

(GLW) - Get Report

. The former glassworks company that has emerged as a leader in the optical-networking area, last night said it expects third-quarter earnings to beat analyst estimates. Analysts surveyed by

First Call/Thompson Financial

expect Corning to earn 30 cents a share. Corning said it now expects pro forma earnings to come in at 34 cents or 35 cents per share. The company also said it expects the fourth quarter to be strong and it raised its full-year earnings guidance to $1.15 to $1.17 per share.

Advanced Micro Devices

(AMD) - Get Report

, a semiconductor manufacturer, after the close of trading yesterday said its third-quarter earnings were at the high end of Wall Street's projections. AMD was lately trading at $24 on

Instinet

, up from its $23.50 close in composite trading and higher still from its close in

New York Stock Exchange trading.

TheStreet.com

took a close look at AMD's earnings in a

separate story.

AMD was giving a boost to

TheStreet Recommends

Intel

(INTC) - Get Report

, which last traded at $36.44 on

Instinet

, up from its close yesterday at $35.38.

And

Dell

(DELL) - Get Report

was traded at $23.75 this morning in before-the-bell action, up from its close at $23.

On the downside, home improvement retailing giant

Home Depot

(HD) - Get Report

this morning lowered its earnings outlook. It was trading at $41 in preopen action, down from its $48.94 close.

Trading in Asia, ended on a mixed note. The

Hang Seng

finished 0.4% lower, while the

Nikkei 225

gained 0.2%. In Europe, investors are boosting stocks in morning trading. The Paris-based

CAC-40

is up 1.6%, the German

DAX

is gaining 1% and the

FTSE

in London is up 1.1%.

TheStreet.com

wrote extensively about Asian trading in a

separate story.

For Wednesday's postclose trading, see The Night Watch.