Markets Flat As Personal Income Falls

The markets traded flat during the midday with the Dow adding 4 points to 14,059 as January personal income dropped 3.6%. Nasdaq eased a fraction to 3159.

On the upside

Shares of MGIC Investment (NYSE: MTG) continued rising after reporting fourth quarter revenue that beat analyst expectations.

Sierra World Equity Review wrote that GlaxoSmithKline (NYSE: GSK) was interested in the possible acquisition of Keryx Biopharmaceutical (Nasdaq: KERX).

Pengrowth Energy (NYSE: PGH) reported a 55% increase in proved plus probable reserves at the end of 2012.

On the downside

OmniVision Technologies (Nasdaq: OVTI) reported sharply higher third quarter earnings but the company forecast current quarter earnings below expectations.

McDermott International (NYSE: MDR) reported higher fourth quarter earnings but the results missed estimates.

Shares of Cincinnati Bell (NYSE: CBB) continued falling after reporting a greater than expected loss for the fourth on Wednesday before market open.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The broader S&P 500 index held steady at at 1514.

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