Higher Open On Upbeat Earnings

The markets opened higher with the Dow gaining 46 points to 16,302 over upbeat corporate earnings. Nasdaq climbed 24 points to 4137.

On the upside

MagneGas (Nasdaq: MNGA) filed a new patent for novel methods of binding MagneGas to existing hydrocarbons.

Constant Contact (Nasdaq: CTCT) reported higher preliminary first quarter revenue and lifted its full year revenue forecast.

Wells Fargo upgraded Sinclair Broadcast Group (Nasdaq: SBGI) from a Market Perform rating to an Outperform rating.

On the downside

Ashford Hospitality Trust (NYSE: AHT) priced its public offering of 7.5 million common shares at the discounted price of $10.70 per share.

UBS downgraded Alpha Natural Resources (NYSE: ANR) from a Neutral rating to a Sell rating and lowered its price target from $5 to $3.

UBS downgraded Arch Coal (NYSE: ACI) from a Neutral rating to a Sell rating and cut its price target from $5 to $3.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 rose 5 points to 1857. Bitcoin slipped $5.98 or 1.34% to $441.52.

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