Flat Close As Oil Prices Retreat
Posted on February 27, 2012 at 17:12 PM EST
The markets closed flat with the Dow slipping a point to 12,981 as oil prices retreated. Nasdaq added 2 points to 2966.
On the upside
A Seeking Alpha contributor expected Discovery Laboratories' (NYSE: DSCO) Surfaxin to be approved by the Food and Drug Administration.
Cooper Tire & Rubber (NYSE: CTB) reported sharply higher fourth quarter earnings that surpassed analyst expectations by a wide margin.
Valeant Pharmaceuticals (NYSE: VRX) swung to a better than expected profit for the fourth quarter.
On the downside
MicroVision (Nasdaq: MVIS) narrowed fourth quarter losses as revenue climbed but the results fell short of expectations.
Dril-Quip (NYSE: DRQ) reported higher fourth quarter earnings but the stock price fell.
Standard Register (NYSE: SR) widened fourth quarter losses by a wide margin as revenue dropped.
In the broad market, declining issues were on par with advancers on the NYSE while decliners edged out advancers by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 826.
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