U.S. Stocks Open Higher Despite China Sell Off; Apple Shares Get Upgrade

U.S. stocks opened slightly higher on Monday, dismissing the 5.3 percent decline in China’s benchmark Shanghai Composite Index overnight. The declines came even after Chinese officials moved the value of the yuan higher against the dollar. 'Since the implementation and removal of the circuit breaker, it hasn't exactly removed any of the volatility in the Chinese stock market,‘ said Brenda Kelly, head analyst at London Capital Group. Meanwhile, shares of Apple (AAPL) were in the spotlight on Monday after Mizuho Securities upgraded the stock to BUY from NEUTRAL. The firm said it expects 'meaningful' upside ahead. Finally, Alcoa (AA) reports fourth quarter results after the closing bell, marking the unofficial start to the quarterly reporting season. Wall Street analysts are expecting a 17 percent decline in revenue compared to the same quarter a year ago. TheStreet’s Scott Gamm has details from Wall Street.