Stocks are rallying

US stocks opened higher on Wednesday after closing in the red for the last two trading sessions.

Near 9:53 a.m. ET, the Dow was up 93 points, the S&P 500 was up 11 points, and the Nasdaq was up 31 points.

There is no major economic data due today. At 10:30 a.m. ET, the Energy Information Administration will give its weekly update on US crude oil inventories.

Michael Kors shares fell by as much as 18% after the company reported earnings below expectations and weak guidance.

Diluted earnings per share came in at $0.90 (versus $0.91 expected,) and sales for the fourth quarter totaled $1.1 billion (up 17.8%, versus $1.09 billion estimated.)

The retailer said it expects a "low double-digit comparable store-sales decrease" in the first fiscal quarter. Analysts at Piper Jaffray wrote that this guidance was still too optimistic.

Tiffany shares jumped 10% in early trading after the luxury jeweler reported earnings that topped estimates, and indicated plans for growth. Diluted earnings per share in the first quarter was $0.81 (down 17%, but more than forecasts for $0.69,) while sales dropped 5% to $962.4 million, but beat estimates for $919 million.

In other company news, McDonald's will no longer report its same-store sales numbers monthly, according to Bloomberg. Sales at stores open for at least one year have been sliding in the US; the company last reported a 2.3% decline in April.