Opening Bell: U.S. Stocks Rise as Oil Crosses $50; Valeant Shares Sink

U.S. stocks gained steam on Tuesday morning as oil prices crossed $50 a barrel. Supply outages in Nigeria boosted sentiment for the closely watched commodity. Valeant Pharmaceuticals (VRX) shares sunk after the drugmaker slashed its profit outlook for the year. It now expects earnings between $6.60 and $7 a share, compared to a previously reported range of $8.50 to $9.50 a share. For the first quarter, Valeant reported earnings of $1.27 a share, missing estimates of $1.37. FedEx (FDX) - Get Report raised its quarterly dividend to $0.40 a share, from $0.25 a share, that's a 60 percent increase. Shares are up 1.4 percent on the news. TheStreet's Scott Gamm reports from Wall Street.