U.S. stocks open higher, supported by oil, earnings

U.S. stocks rose modestly at the open Thursday as oil prices surged on worries that wildfires raging in Alberta could hamstring crude output. The S&P 500 gained 2 points, or 0.1% to 2,053. The Dow industrials rose 29 points, or 0.2%, to 17,673. The Nasdaq Composite climbed 13 points, or 0.1%, to 4,740. Strong earnings from Tesla Motors Inc. and Alibaba Group Holdings Ltd. also helped boost shares.

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Synnex shares fall as earnings outlook misses Street view

Synnex Corp. shares fell in the extended session Thursday after the business process services company’s earnings outlook fell short of Wall Street estimates. Synnex shares fell 8% after hours, following a 3.5% gain to close at $118.40 in the regular session. For the second fiscal quarter, Synnex estimates adjusted earnings of $2.25 to $2.35 a share on revenue of $4.58 billion to $4.78 billion. Analysts expect earnings of $2.41 a share on revenue of $4.75 billion. The company reported fiscal first-quarter net income of $24.4 million, or 61 cents a share, compared with $61.8 million, or $1.54 a share, in the year-ago period. Adjusted earnings were $2.14 a share. Revenue rose to $4.55 billion from $3.52 billion in the year-ago period. Analysts surveyed by FactSet had estimated $2.11 a share on revenue of $4.47 billion.

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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