Stocks Opened Higher after Last Week’s Rout

U.S. stocks opened higher on Monday as investors awaited earnings reports from companies. The Dow Jones Industrial Average lately rose 16.87 points, or 0.10%, to 16,510.24. The S&P 500 was up 2.76 points, or 0.14%, to 1,927.91. The Nasdaq Composite gained 16.44 points, or 0.38%, to 4,369.08.

Michael Kors Holdings Ltd (KORS.N) reported another quarter of blistering sales growth as demand for its handbags and watches surged in North America. Net income rose to $187.7 million, or 91 cents per share, from $124.9 million, or 61 cents per share, a year earlier. Total revenue rose 43 percent to $919.2 million.

The British bank HSBC reported on Monday that its profit in the first half of 2014 declined 5 percent amid a slowdown in market activity and a decline in its Asian operations, which account for more than half its earnings. Earnings fell to $9.75 billion from $10.3 billion in the first half of 2013.

As it completes the spin-off of its publishing businesses, Tribune Company begins operating under the name Tribune Media Company (OTC:TRBAA). Tribune Media combines quality content with powerful distribution and digital properties, including: Tribune Broadcasting, WGN America, Tribune Studios, Tribune Digital Ventures, WGN Radio in Chicago, and Tribune Real Estate.