Opening Bell: U.S. Stocks Open up Slightly, Valeant Pharmaceuticals Shares Gain Steam

U.S. stocks opened near the flat line on Monday morning as oil prices gave up earlier gains.
Author:
Publish date:

U.S. stocks opened slightly higher on Monday morning as oil prices gave up earlier gains. The commodity was volatile following news that Saudi Arabia's oil minister, al-Naimi, is stepping down after 20 years. He will be replaced by Khalid al-Falih, the head of Saudi Aramco. Analysts said the reshuffling won't do much for prices. Meanwhile, shares of Valeant Pharmaceuticals (VRX) rose after announcing that it expects to file first quarter earnings by June 10. The release was postponed amid internal accounting reviews. The embattled drugmaker reaffirmed its first quarter sales and profit guidance. Plus, Krispy Kreme (KKD) shares surged after announcing it will be acquired by JAB Beech for roughly $1.35 billion or $21 a share. TheStreet's Scott Gamm reports from Wall Street.