Markets Open Higher Over Upbeat Earnings

Upbeat corporate earnings lifted the markets to a higher open with the Dow climbing 61 points to 8943. Nasdaq gained 16 points to 1942.

On the upside

Medarex (Nasdaq: MEDX) will be acquired by Bristol-Myers (NYSE: BMY) in an all cash $2.1 billion deal.

Fifth Third Bancorp (Nasdaq: FITB) reversed year ago losses to swing to a second quarter profit due to the sale of its controlling interest in a processing business.

Although second quarter earnings fell for Thermo Fisher Scientific (NYSE: TMO), revenue topped estimates and the scientific instrument maker lifted its full year earnings and revenue outlook.

On the downside

FreeSeas (Nasdaq: FREE) will offer approximately 8.7 million common shares at $1.80 per share to raise capital.

Cell Therapeutics (Nasdaq: CTIC) plans to offer approximately 29.3 million common shares.

While SanDisk (NYSE: SNDK) swung to a second quarter profit, the memory chip maker forecast third quarter revenue that fell short of expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 531.

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