Flat Close Over Global Economic Concerns
The markets closed flat with the Dow adding 4 points to 13,107 as a deepening recession in Spain tempered enthusiasm over an upbeat pending home sales report. Nasdaq rose 4 points to 3081.
On the upside
IBBS selected Acme Packet (Nasdaq: APKT) to upgrade its voice service infrastructure.
Terex (NYSE: TEX) will redeem all of its outstanding $300 million 10 7/8% Senior Notes due 2016.
Zale (NYSE: ZLC) narrowed fourth quarter losses more than expected as revenue rose.
On the downside
Rosetta Genomics (Nasdaq: ROSG) sold an additional 825,000 shares of common stock through the underwriter's exercise option for the company's recent 5.5 million shares offering. Shares of BP Prudhoe Bay Royalty Trust (NYSE: BPT) continued falling after a Wall Street Journal article on Friday reported that the company's market capitalization exceeded the amount of cash available for distribution.
Profit taking sank shares of Quicksilver Resources (Nasdaq: KWK).
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 3 points to 817.
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