Opening Bell: U.S. Stocks Rise on Oil Rally; Lululemon Issues Weak Guidance

U.S. stocks opened higher on Wednesday as oil prices traded at a 10-month high with West Texas Intermediate at $51 a barrel and Brent over $52. Meanwhile, some weak economic data out of China was released, with exports falling 4.1 percent in May, compared to a 1.8 percent drop in April. Lululemon (LULU) - Get Report shares fell after issuing weak second quarter guidance. The company expects revenue of $505 million to $515 million, while analysts had expected $514 million. Finally, Ralph Lauren (RL) - Get Report was upgraded by analysts at Bank of America (BAC) - Get Report to neutral from underperform with a $96 price target. The stock currently trades at $94 a share. The analysts pointed to cost cutting measures, which is expected to boost the stock. TheStreet's Scott Gamm reports from Wall Street.