Stocks Open Higher; Monster Beverage Soars

U.S. stocks opened higher on Friday, as soft economic reports eased fears that the Federal Reserve
would hike rates sooner rather than later.The Dow Jones Industrial Average lately added 37.10 points,
or 0.22%, to 16,750.68. The S&P 500 gained 5.72 points, or 0.29%, to 1,960.90. The Nasdaq Composite
was up 21.44 points, or 0.48%, to 4,474.44.

Factory production increased in July at the fastest pace in five months as capital spending climbed and motor vehicle demand surged, indicating the industry is helping propel the U.S. economy. The 1 percent gain at manufacturers followed a 0.3 percent increase in the prior month that was more than initially estimated. Total industrial production, which also includes mines and utilities, advanced 0.4 percent for a second month in July.

Wholesale prices in the U.S. rose at a slower pace in July as fuel costs dropped by the most in eight months. The 0.1 percent increase in the producer price index matched the median forecast of economists surveyed by Bloomberg and followed a 0.4 percent gain the prior month, a Labor Department report showed today. The so-called core measure, which strips out volatile food and fuel, increased 0.2 percent.

Monster Beverage Corp. (MNST) said Coca-Cola will acquire a 17% stake in the company as part of a new long-term partnership agreement.

Carl Icahn disclosed a 6.63% stake in media company Gannett Co. Inc. (GCI) late Thursday, saying in a regulatory filing that that he believed the shares “were undervalued and that value could be created by splitting the Issuer into separate print and broadcast companies.”