Trader at the New York Stock Exchange

U.S. stocks are trading in positive territory as crude oil is getting a lift from a report that stockpiles fell. In addition to that, there has been a great deal of worry over Germany’s Deutsche Bank and the bank has stepped up and said there is no need for a rescue plan. So, off to a good start.

The S&P 500 is higher by 3 points to trade at 2,163, the Dow Jones Industrial Average is rising 51 points to 18,279 and the Nasdaq is up by 5 points to 5,310. The S&P retail ETF is slipping by 8 cents to $43.51.

Nike Inc.’s stock is falling almost 2 percent to $54.24. despite the activewear giant’s big earnings beat. Following the market close on Tuesday, Nike reported it had earned 73 cents a share in the first fiscal quarter, easily beating the FactSet estimate for 56 cents. Nike also delivered $9 billion in sales, which also topped the estimate for $8.8 billion in sales. But investors are concerned about Nike’s lack of having a “hit” shoe like Under Armour’s Steph Curry franchise or enjoying the revival of a classic shoe like the Adidas Stan Smith style. The stock dropped because even though future orders increased 5 percent year-over-year, that was less than what analysts had expected and lower than the previous year. Nike shares have fallen over 11 percent this year.

Coty Inc. is set to replace Diamond Offshore Drilling Inc. in the S&P 500 after the market close on Friday. The beauty brand will be listed under the personal products sub-industry index. Coty has grown itself into a $7.9 billion company as it has steadily made strategic acquisitions. The stock is rising over 1 percent to $23.85.

There were lots of rating changes this morning. Dillard’s Inc. was upgraded to outperform by Credit Suisse and given a $70 price target, higher than the previous target of $63. The stock rose over 5 percent to $61.12 in early trading. Macy’s Inc. was downgraded to neutral by Credit Suisse and given a $40 target. The analyst said that management needs to prove to its investors that it can execute in a challenging retail environment. Macy’s shares dipped 0.4 percent this morning to $36.47.

Shopify was downgraded to equal-weight from overweight by Morgan Stanley and given a $47 price target. The stock fell over 2 percent to $42.77. The analyst said that it was a valuation call because the stock had risen 70 percent year-to-date.

Goldman Sachs upgraded Taubman Centers Inc. to a buy from a neutral. The price target was also raised to $87 from $79. Investors enjoyed the upgrade and the stock rose over 1 percent to $76.92.

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