Mid-Day Report

Rising oil prices and falling construction spending weighed down the markets during the midday with the Dow dropping 31 points to 12,235. Nasdaq lost 7 points to 2264.

On the upside

ArthroCare (Nasdaq: ARTC) retained the services of Goldman Sachs to explore strategic alternative to increase shareholder value.

Supervalu (NYSE: SVU) affirmed its 2008 guidance and forecast 2009 results above estimates.

Array BioPharma (Nasdaq: ARRY) reported that its ARRY-797 medication reduced pain after dental surgery in a midstage clinical trial.

On the downside

Stereotaxis (Nasdaq: STXS) widened fourth quarter losses and failed to provide guidance for 2008.

Deerfield (NYSE: DFR) blamed an impairment charge for swinging to a fourth quarter loss.

Despite reporting a loss of more than $614 million last year, IndyMac Bancorp (NYSE: IMB) chairman and CEO Michael Perry will receive a minimum base salary of $1 million.

In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE and by nearly 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 687.

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