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U.S. stocks open higher amid earnings reports

Xinhua, August 10, 2016 Adjust font size:

U.S. stocks opened slightly higher Wednesday as investors digested a string of earnings reports.

After Tuesday's closing bell, the Walt Disney Company reported quarterly earnings of 2.6 billion U.S. dollars for its third fiscal quarter ending July 2, 2016, an increase of 114 million dollars over the prior-year quarter. Diluted earnings per share for the quarter increased 10 percent to 1.59 dollars from 1.45 from a year ago.

The media and entertainment giant's shares traded slightly lower in early trading Wednesday despite the company's better-than-expected quarterly results.

Shares of Ralph Lauren Corp. soared over 9 percent in early trading Wednesday after the U.S. retail brand delivered quarterly results well above market estimates.

Shares of Michael Kors fell about 2 percent on a downbeat sales outlook, even though the handbag seller posted better-than-expected quarterly results.

Shortly after the opening bell, the Dow Jones Industrial Average edged up 2.09 points, or 0.01 percent, to 18,535.14. The S&P 500 rose 1.26 points, or 0.06 percent, to 2,183.00. The Nasdaq Composite Index was up 0.82 point, or 0.02 percent, to 5,226.30.

On Tuesday, U.S. stocks ended mildly higher, with the Nasdaq refreshing its record highs. Endit