Stock Opened Higher on Upbeat Earnings

U.S. stocks opened higher on Tuesday following upbeat earnings reports. The Dow Jones Industrial Average lately gained 14.07 points, or 0.07%, to 21,026.35. The S&P 500 added 1.88 points, or 0.08%, to 2,401.26. The Nasdaq Composite climbed 18.26 points, or 0.30%, to 6,120.92.

Crude futures rose on Tuesday, hovering above a five-month low, as investors bet on more production cuts by major producers, in the hope that global stockpiles will be reduced. West Texas Intermediate futures were trading up 15 cents, or 0.2%, at $46.58 a barrel. Brent crude rose 19 cents, or 0.4%, to $49.53 a barrel.

Valeant Pharmaceuticals International Inc. (VRX), the drug maker, beat first-quarter profit expectations, although revenue came up shy. The company swung to a net profit of $628 million, or $1.79 a share, from a loss of $374 million, or $1.08 a share, in the same period a year ago. Revenue fell to $2.11 billion from $2.37 billion.

Botox-maker Allergan Plc (AGN) said Tuesday it had a GAAP operating loss from continuing operations of $906 million, or $7.85 a share, in the first quarter, after a loss of $171.5 million, or 41 cents a share, in the year-earlier period. On a non-GAAP basis, it had per-share earnings of $3.35. Sales climbed to $3.57 billion from $3.39 billion.

SeaWorld Entertainment Inc. (SEAS) reported a first-quarter loss that narrowed to $61.1 million, or 72 cents a share, from $84.0 million, or $1.00 a share, in the same period a year ago. Revenue fell 15% to $186.4 million.