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Stocks opened higher Wednesday, putting the Dow industrials on track to log its seventh record closing high in a row, fueled by better-than-feared quarterly results. Notably, Morgan Stanley reported second-quarter results thatbeat Wall Street’s expectations. lifting the investment bank’s shares. The Dow Jones Industrial Average rose 0.2% to 18,601, the S&P 500 index climbed 0.2% at 2,167. while the Nasdaq Composite Index advanced 0.4% to 5,056. On Tuesday, both the S&P 500 and Nasdaq finished lower as the broader market retreated after disappointing quarterly results from Netflix Inc. . Meanwhile, crude-oil prices were trading 1.6% lower at $44.74 a barrel, ahead of data on inventories.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

The VanEck Vectors Gold Miners ETF dropped 2.4% in active premarket trade Wednesday toward a two-week low, tracking the selloff in gold futures . Volume 1.8 million shares was enough to make the ETF the most-active stock in the premarket session. The ETF has plateaued within a relatively narrow range over the past couple weeks, with several intraday lows between $29.35 to $29.43 and several highs between $30.63 and a more than three-year high of $30.73. The ETF appears to have broken through chart support with its slide below $29 ahead of the open.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

The Estee Lauder Cos. Inc. said Wednesday it has named Jean-Guillaume Trottier global brand president of luxury fragrance brand Jo Malone London. Trottier has been global general manager of the brand since 2012 and led its expansion into a range of markets, including Brazil, Korea, China, Israel and the Philippines. Estee Lauder shares were not yet active premarket, but are up 6% in the year so far, roughly matching the S&P 500’s gain.

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From:: Stock Market News

Shares of Tupperware Brands Corp. slid nearly 1% after the company reported second-quarter earnings and revenue that fell from the year earlier but still beat expectations. Tupperware reported net income of $52.4 million, or $1.03 per share, compared with $62.0 million, or $1.23 per share during the year-earlier period. Adjusted earnings for the second quarter were $1.16 per share, above the $1.10 per share FactSet consensus. Sales for the quarter hit $564.7 million, which was down compared with the $588.9 million during the same quarter a year ago. The FactSet consensus on sales was $560.0 million. Tupperware Chief Executive Rick Goings said the company’s declining sales were due mainly to negative impacts from exchange rates, but said sales grew 3% in local currency, with “significant” contributions from Brazil, China, Malaysia, Singapore and Tupperware Mexico. Shares of Tupperware are up more than 4% in the year to date, just lagging behind the S&P 500 Index , which is up nearly 6%.

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From:: Stock Market News

Halliburton Co. reported Wednesday that it swung to a second-quarter loss of $3.21 billion, or $3.73 a share, from a profit of $54 million, or 6 cents a share, in the same period a year ago. Excluding non-recurring items, such as a $3.5 billion termination fee for terminating the merger agreement with Baker Hughes Inc. , the adjusted per-share loss came in at 14 cents, compared with the FactSet consensus loss of 19 cents. Revenue fell to $3.84 billion from $5.92 billion, but was above the FactSet consensus of $3.76 billion. North America revenue declined 15%, while the average rig count was down 23%. “After falling 78% from the November 2014 peak, the US rig count reached a landing point during the second quarter, as we predicted during our last earnings call,” said Chief Executive Dave Lesar. “”We believe the North America market has turned.” The stock, which was still inactive in premarket trade, has climbed 32% year to date, while the S&P 500 has gained 5.9%.

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From:: Stock Market News

U.K. banks are poised to see their revenues and profits drop and bad loans rise as the fallout from the Brexit vote starts to take a toll on the economy, Moody’s Investors Service warned in a report on Wednesday. The ratings agency said weaker economic growth in Britain is likely to hamper the banks’ asset quality as well as weaken credit demand on the back of heightened uncertainty following the vote. “Increased uncertainty about the U.K.’s future trade relationship with the EU will likely lead to reduced confidence and lower investment and consumer spending in the U.K.,” said Carlos Suarez Duarte, senior vice president at Moody’s. “This will, in turn, pressure revenues, asset quality and profitability metrics for all banks in the U.K., though some are more resilient to these pressures than others,” he added. Moody’s on June 28 changed its outlook on the U.K. banking system to negative from stable.

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From:: Stock Market News

Shares of Nintendo Corp. tumbled 12% in Tokyo Wednesday after reports of a delay to the launch of the wildly popular Pokémon Go game in Japan. The rollout, planned for Wednesday, was cancelled after details were leaked via an internal communications from McDonald’s Holdings Co. (Japan) , according to Tech Crunch. McDonalds Japan is the sponsor of that game, and Niantic, Nintendo and the Pokémon Company were worried that the pre-hype would overload servers in Japan, where its fan base is huge. Pokémon Go’s launch across Europe last weekend also triggered server issues. There were no updates from Pokémon Go Japan on Twitter Wednesday. Shares of McDonald’s Holdings surged nearly 10% in Japan after Tuesday’s news the fast-food group’s restaurants would be key locations for Pokémon Go hunters. Citing Japan news outlet Nikkei, Tech Crunch said the launch in Japan would now take place on Thursday.

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From:: Stock Market News

Unilever PLC announced Tuesday night it is buying Dollar Shave Club LLC, reportedly for $1 billion. Dollar Shave, a direct-to-consumer discount retailer, has 3.2 million members and is on track to post $200 million in sales this year. The Southern California company was valued at about $539 million last fall, after a $160 million funding round. Terms of the acquisition were not announced, but Fortune reported Unilever will pay $1 billion in cash. In a statement, Unilever said it plans to use its global reach to bolster the “innovative and disruptive” company and reach its loyal customers. Dollar Shave CEO Michael Dubin will keep his position. The deal, assuming it passes regulatory approval, it expected to close in the third quarter.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News