Stocks End Higher as Oil Rises to 7-Month High

U.S. Market
Stocks were higher again today as oil rose to a 7-month high on a surprise drop in U.S. supply.

The trade deficit widened slightly in April according to preliminary numbers released today. Imports were up 1.9% from March while exports rose 2.4%.

At market close the Dow was up 0.8% while the S&P 500 and Nasdaq each rose 0.7%.

Stocks on the Move
Tiffany (TIF) said today that same-store sales fell 9%, below the 6.8% drop anticipated by analysts. The fall comes as a strong dollar has hampered tourist spending. Overall earnings fell to 69 cents per share from 81 cents a share in the year-ago period. Management also said they now expect full-year earnings to come in at the low-end of its pervious guidance. Shares were little changed at market close.

Shares of Alibaba (BABA) were down 6.8% after the company said it was being investigated by the SEC over how it reported data from Singles Day, its consolidation practices and its related party transactions.

HP Enterprise (HPE) reported slightly better-than-expected second-quarter fiscal 2016 results due to the strong performance of its Enterprise Group. The company also announced the spin-off of its Enterprise Services group, which will merge with Computer Sciences Corporation, or CSC. The spin-off and merger is targeted to be completed by March 2017. HP Enterprise will own approximately 50% of the new company's equity, which is valued at approximately $4.5 billion. It will also receive a cash dividend of $1.5 billion and transfer $2.5 billion in debt to the newly formed entity, taking aggregate consideration to $8.5 billion. In connection with the transaction, HP Enterprise will incur $300 million in separation costs in 2016 and $600 million in 2017. Shares jumped 6.8% on the news.