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Oil futures extended their rally Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies dropped by 5.2 million barrels in the week ended Oct. 14. Analysts polled by S&P Global Platts expected a 2.5 million-barrel climb, while the American Petroleum Institute late Tuesday reported a decline of 3.8 million barrels. Gasoline supplies, meanwhile, rose by 2.5 million barrels, while distillate stockpiles fell by 1.2 million barrels, according to the EIA. November crude rose $1.25, or 2.5%, to $51.54 a barrel on the New York Mercantile Exchange. Prices traded at $51.16 before the data.

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From:: Stock Market News

The U.S. dollar softened against its Canadian rival on Wednesday after the Bank of Canada left its benchmark policy rate unchanged at 0.5%. The greenback sunk to a session low at C$1.3063, compared with C$1.3107 late Tuesday in New York, before paring its decline to $1.3064 in recent trade. Canadian bond yields inched higher, with the 10-year rising two basis points to 1.220%. In a quarterly outlook released Wednesday, the Bank of Canada lowered its projections for growth and inflation, and also pushed back its expectations for closing the country’s output gap until mid-2018. Bank of Canada Gov. Stephen Poloz will hold a press conference at 11:15 a.m. Eastern Time.

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From:: Stock Market News

U.S. stocks mostly climbed on Wednesday as Morgan Stanley topped earnings expectations and as crude-oil prices traded above $51 a barrel, lifting sentiment somewhat. The Dow Jones Industrial Average gained 33 points, or 0.2% at 18,195, the S&P 500 index advanced 2 points, or less than 0.1%, at 2,141, while the Nasdaq Composite Index traded little-changed at 5,240. Oil gains came after Saudi Arabia’s oil minister, Khalid A. Al-Falih, spoke hopefully about a pact to stabilize prices at a London conference ahead of the Organization of the Petroleum Exporting Countries next month. On the corporate earnings front, Morgan Stanley reported quarterly earnings early Wednesday before the open that beat expectations, as the big Wall Street firm benefited from a trading rebound that has helped some of the country’s largest banks.

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From:: Stock Market News

Oxford Industries Inc. disclosed in a filing Wednesday that it expects results for the fiscal third quarter ending in October to be hurt Hurricane Matthew and the recent bankruptcy filing by South Korea’s Hanjin Shipping. The company didn’t provide details, but said the hurricane resulted in lost sales for Tommy Bahama, Lilly Pulitzer and Southern Tide in Florida, as well as the coastal regions of Georgia, South Carolina and North Carolina. The company said the Hanjin bankruptcy will delay the shipping of some Lilly Pulitzer product into the fourth quarter that would have shipped during the third quarter. Still, Oxford affirmed its previously-provided guidance for the fiscal year, for revenue of $1.03 billion to $1.05 billion and adjusted earnings per share of $3.65 to $3.80. The FactSet consensus is for revenue of $1.04 billion and EPS of $3.74. The stock, which was still inactive in premarket trade, has gained 2.1% year to date, while the S&P 500 has climbed 4.7%.

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IMAX Corporation announced Wednesday the addition of up to 12 new films to screen in its partnership with Warner Bros. Pictures. IMAX has added releases of Kong: Skull Island, Blade Runner 2049, Tomb Raider, Ready Player One, The LEGO Batman Movie and the sequel to Fantastic Beasts and Where to Find Them, among others. IMAX has had a 13 year partnership with Warner Bros. Shares of IMAX were up 1% in premarket trade Wednesday. IMAX shares have lost 15% year-to-date, compared to the S&P 500’s gain of 5%.

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Merck & Co. said Wednesday morning that its investigational antiviral medicine met its primary endpoint in a phase 3 trial. The treatment, letermovir, is being tested to prevent infection in stem cell transplant recipients. The drug has special status in the U.S. and elsewhere as an orphan product intended for a rare disease or condition, and was granted fast track status by the Food and Drug Administration, which speeds up the development and approval process. Merck shares rose 5.9% over the last three months, compared with a 1.1% decline in the S&P 500 .

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From:: Stock Market News

The New York Times has named A.G. Sulzberger as deputy publisher of the business effective November 1, the company said Wednesday. A.G. Sulzberger, son of publisher Arthur Sulzberger, Jr., was most recently the associate editor for strategy and began working at the Times in 2009. A.G. Sulzberger will report to the publisher and work alongside the copmany’s chief executive, executive editor and editorial page editor. Shares of the New York Times have fallen 10% in the past three months, compared to the S&p 500’s drop of 1%.

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Tupperware Brands Corp. said Wednesday it had third-quarter net income of $48.8 million, or 96 cents per share, up from $36.2 million, or 72 cents per share, for the same period last year. Adjusted EPS of 87 cents per share beat the FactSet consensus of 80 cents. Sales for the quarter of $521.8 million were up from $521.0 million last year, but missed the FactSet estimate of $530.0 million. The company sees fourth-quarter sales growth between 5% and 7% and earnings per share between $1.34 and $1.39. The FactSet consensus is $1.44. Tupperware shares are inactive in premarket trading, and up 16% for the year so far. The S&P 500 Index is up 4.7% for 2016 to date.

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From:: Stock Market News

Reynolds American missed third-quarter earnings and revenue expectations Wednesday. The company reported net income of $861 million, or 60 cents per share, up from $657 million, or 46 cents per share, in the year-earlier period. It reported adjusted earnings per share of 61 cents, below the FactSet consensus of 64 cents. Reynolds American reported revenue of $3.21 billion, up from $3.16 billion in the year-earlier period, but below the FactSet consensus of $3.31 billion. The company also announced it has named Debra A. Crew, current president and chief operating officer, as its chief executive starting January 1. Shares of Reynolds American have fallen 10% in the past three months, compared to the S&P 500’s drop of 1%.

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From:: Stock Market News