Earnings News: Family Dollar Stores Inc. (FDO), Costco Wholesale Corporation (COST) [VIDEO]

U.S. stocks edged higher at the open on Wednesday, as markets favored news that President Barack Obama is scheduled to announce Janet Yellen as the next chair of the Federal Reserve at 3 p.m. Eastern.

Family Dollar Stores, Inc. (NYSE: FDO) reported adjusted fiscal fourth-quarter earnings of 86 cents per share on revenue of $2.50 billion, compared with a profit of 69 cents per share on revenue of $2.36 billion in the year-ago period. Analysts polled by Reuters had expected the company to report quarterly EPS of 84 cents on revenue of $2.56 billion.

On Wednesday, shares of Family Dollar Stores fell 1.37 percent to $68.50 in morning trading.

Costco Wholesale Corporation (NASDAQ: COST) issued fiscal fourth-quarter earnings of $1.40 on revenue of $32.49 billion, compared with a profit of $1.39 per share on revenue of $32.22 billion in the year-ago period. Wall Street had expected the wholesale club to report fiscal fourth-quarter EPS of $1.47 on revenue of $32.92 billion, according to analysts polled by Reuters.

Shares of Costco fell 1.15 percent to $110.92 in morning trading.

The Dow Jones industrial average rose 22.73 points, or 0.15 percent, to 14,799.26. The S&P 500 gained 1.48 points, or 0.09 percent, to 1,656.99. The Nasdaq Composite fell 14.42 points, or 0.39 percent, to 3,680.30.