Higher Open On Upbeat Earnings

Upbeat earnings lifted the markets to a higher open with the Dow rising 30 points to 14,001. Nasdaq added 3 points to 3195.

On the upside

Third quarter earnings surged fourfold for Michael Kors (NYSE: KORS) to surpass analyst expectations by a wide margin as revenue soared prompting the fashion company to lift its full year earnings guidance.

StemCells (Nasdaq: STEM) reported positive results from a Phase I/II clinical trial of its purified human neural stem cells product to treat chronic spinal cord injury.

Avon (NYSE: AVP) widened fourth quarter losses but the beauty products company sold more items.

On the downside

Level 3 Communications (NYSE: LVLT) narrowed fourth quarter losses less than expected.

Huntsman (NYSE: HUN) fell to a loss for the fourth quarter due to restructuring costs.

Profit taking sank shares of Zynga (Nasdaq: ZNGA).

In the broad market, advancing issues outpaced decliners by a margin of 7 to 5 on the NYSE and by more than 9 to 7 on Nasdaq. The broader S&P 500 index added 2 points to 1519.

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