Upbeat Earnings Lift Markets To Higher Open

Upbeat earnings lifted the markets to a higher open with the Dow climbing 81 points to 11,101. Nasdaq gained 16 points to 2434.

On the upside

The Health and Human Services Department will award SIGA Technologies (Nasdaq: SIGA) a contract to provide 1.7 million courses of smallpox antiviral for the national stockpile.

Railroad operator CSX (NYSE: CSX) reported sharply higher third quarter earnings that topped analyst estimates as the company improved efficiency and shipments increased.PZ

Williams (NYSE: WMB) and Williams Partners (NYSE: WPZ) selected Alan Armstrong to replace chairman and chief executive officer Steve Malcolm who will retire on December 31, 2010.

On the downside

MGM Resorts (NYSE: MGM) will sell 40.9 million shares to raise approximately $550 million.

Linear Technology (Nasdaq: LLTC) reported higher first quarter earnings but the results fell short of expectations.

Chesapeake Energy (NYSE: CHK) chief financial officer Marcus Rowland resigned effective October 29, 2010 and will be replaced by Domenic Dell'Osso. 

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq