Markets Flat As Economy Contracts
On the upside
Savient Pharmaceuticals (Nasdaq: SVNT) will present six abstracts about the company's KRYSTEXXA at the European League Against Rheumatism in June.
Based on input provided by the FDA, Incyte's (Nasdaq: INCY) Phase III clinical trial of its myelofibrosis treatment will compare the proportion of patients achieving 35% reduction in spleen volume with patients using a placebo.
FiberNet Telecom Group (Nasdaq: FTGX) will be acquired by Zayo Group for $11.45 per share in cash.
On the downside
First quarter earnings for The Wet Seal (Nasdaq: WTSLA) plunged as revenue fell and the women's apparel retailer warned that second quarter results will miss estimates.
Although second quarter earnings for Esterline (NYSE: ESL) rose, the aerospace firm lowered its full year outlook as clients reduced inventories.
Profit takers weighed down shares of Oculus Innovative Sciences (Nasdaq: OCLS), which rose recently after the FDA approved the company's Microcyn Skin and Wound Gel.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 49.
