Mid-Day Report
Soaring crude oil prices that surpassed $130 per barrel for the first time weighed down the markets during the midday with the Dow dropping 54 points to 12,775. Nasdaq lost 4 points to 2489.

On the upside

Shares of Quantum Fuel Systems Technologies (Nasdaq: QTWW) continued to rise after announcing that its German partner Asola Advanced and Automotive Solar Systems GmbH will increase its solar module manufacturing capacity to 45 megawatts.

Sallie Mae (NYSE: SLM) announced the appointment of two new senior vice presidents, both of whom worked for Bank of America.

Health Net (NYSE: HNT) is expected to affirm its full year earnings guidance during a meeting with investors on May 22.


On the downside

Soleil downgraded UAL (Nasdaq: UAUA) as crude oil prices surged and the International Air Transport Association announced that international travelers in business and first class dropped by the biggest amount since 2003.

Regeneron Pharmaceuticals (Nasdaq: REGN) and Sanofi-Aventis (NYSE: SNY) announced that their ovarian cancer treatmetn aflibercept failed a midstage clinical trial.

Red Robin Gourmet Burgers (NYSE: RRGB) blamed lower sales in the Western states for first quarter earnings that dropped to fall short of estimates.

In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 737.

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