The markets closed mixed over growing concerns for a disappointing earnings season. The Dow gained 27 points to 12,827 while Nasdaq lost 5 points to 2499.

On the upside

Pharmasset (Nasdaq: VRUS) reported impressive results from an early stage trial of its hepatitis C treatment R7128.

Emergent BioSolutions (NYSE: EBS) said that a three year $448 million contract for the anthraz vaccine BioThrax will lift 2007 and 2008 revenue.

India's ICICI Bank (NYSE: IBN) may be considering an initial public offering of its investment banking and brokerage business.

On the downside

A negative article in the Rocky Mountain News about Crocs (Nasdaq: CROX) weighed down shares of the plastic shoe maker.

LDK Solar (NYSE: LDK) will pay $2.3 million to purchase a 33.5% stake in crucible maker Jiangxi Sinoma New Material.

Shares of Countrywide (NYSE: CFC) fell after data indicated that nearly 90,000 jobs were eliminated in 2007 by mortgage lenders.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 4 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 724.