Closing Bell Report

The markets closed near the flat line even as average hourly earnings rose above expectations as consumer confidence continued to erode. The Dow added 6 points to 13,626 while Nasdaq lost 3 points to 2706.

On the upside

Fourth quarter earnings for ICO (Nasdaq: ICOC) surged more than four times as prices climbed and sales soared.

Liquidity Services (Nasdaq: LQDT) reported higher fourth quarter earnings that easily surpassed estimates as revenue rose. The online auction marketplace forecast first quarter as well as fiscal 2008 results above expectations.

George Putnam named ArvinMeritor (NYSE: ARM) to The Turnaround Letter's list of ten companies poised to rebound in 2008.

On the downside

The Food and Drug Administration will convene an adivsory committee to review negative side effects in patients taking anemia drugs such as Amgen's (Nasdaq: AMGN) Aranesp.

Source Interlink (Nasdaq: SORC) blamed significant amortization charges for swinging to a third quarter loss.

Shares of Savvis (Nasdaq: SVVS) continued to fall after Morgan Stanley analyst cited the company's lowered outlook for downgrading the Internet service provider.

In the broad market, advancing issues barely outpaced decliners by a slim margin on the NYSE while decliners barely edged out advancers on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 786.

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