Stocks Open Higher as Investors Mull U.S. Trade Deficit Increase

The U.S. trade deficit widened to $36.5 billion due to a large increase in imports that outpaced export growth, according to the Commerce Department.  Investors also focused on corporate earnings which helped to lift the Dow up 26 points to 10,224 while Nasdaq added 7 points to 2155.

On the upside

The Walt Disney Company (NYSE: DIS) posted better than expected quarterly profits due to strength in its cable, broadcast and movie businesses.

Teen clothing retailer Abercrombie & Fitch (NYSE: ANF) reported lower revenues and profits, but the results beat expectations.

J.C. Penney (NYSE: JCP) announced lower profits due to one-time pension-related charges, but the department store operator also boosted its outlook.

On the downside

Nordstrom (NYSE: JWN) posted quarterly earnings that missed estimates.  The stock fell despite the high-end department store operator's favorable guidance.

Zagg (Nasdaq: ZAGG) reported higher revenues from mobile accessories sales, but margins were curbed by a decline in website sales.

Shares of Esco Technologies (NYSE: ESE) fell after the engineering and manufacturing firm announced lower profits and offered a disappointing outlook.  An analyst promptly downgraded the stock.  

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose a point to 581.

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