Markets Recover Losses To Close Flat

The markets recovered earlier losses in late afternoon trading to close near the flatline with the Dow adding 5 points to 10,625 as investors snapped up bargains. Nasdaq rose 7 points to 2354.

On the upside

Virtual Radiologic (Nasdaq: VRAD) will be taken private by Providence Equity Partners in a deal valued at approximately $294 million.

Deer Consumer Products (Nasdaq: DEER) lifted its full year guidance and announced a $20 million stock repurchase plan.

Sonus Networks (Nasdaq: SONS) introduced its NBS-5200 Network Border Switch for its next generation ConnexIP platform.

On the downside

Terra Nova Royalty (NYSE: TTT) disappointed with a first quarter loss.

Patriot Coal (NYSE: PCX) will increase the number of common shares from 100 million to 300 million.

Investors locked in profits on Hauppage Digital, (Nasdaq: HAUP) whose shares surged Thursday and Friday over the company's tuner board for streaming live TV to the iPad, iPhone and iPod touch.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 3 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 695.