Rising Oil Prices Weigh Down Markets
On the upside
Shares of XenoPort (Nasdaq: XNPT) continued to recover after collapsing Thursday when the Food and Drug Administration raised concerns about the biopharmaceuticals' restless leg syndrome treatment.
Schlumberger (NYSE: SLB) will acquire rival Smith International (NYSE: SII) in a stock deal valued at approximately $11 billion.
Merrill Lynch set a 2012 earnings expectation for Alcatel-Lucent (NYSE: ALU) well above consensus.
On the downside
Barclays downgraded Yingli Green Energy (NYSE: YGE).
Oppenheimer analyst Scott Schneeberger downgraded H&R Block (NYSE: HRB) saying that many consumers will prepare their own taxes instead of using a professional in light of the challenging economic times.
Valassis Communications (NYSE: VCI) reversed year ago losses but the results fell short of estimates.
In the broad market, declining issues outpaced advancers by a slim margin on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 630.
