Oil Prices Soar, Markets Close Mixed
The markets closed mixed with the Dow losing 30 points to 12,319 as the ongoing conflict in Libya sent oil prices soaring. Nasdaq added 4 points to 2781.
On the upside
United Community Banks (Nasdaq: UCBI) completed its capital raise of $380 million.
Inhibitex (Nasdaq: INHX) reported upbeat results from a Phase1b clinical trial of its INX-189 to treat chronic infections caused by hepatitis C.
Northrop Grumman (NYSE: NOC) completed the spin-off of subsidiary Huntington Ingalls Industries (NYSE: HII).
On the downside
Meritor (NYSE: MTOR) blamed rising steel prices for cutting its second quarter earnings outlook.
The compensation package for Eastman Kodak (NYSE: EK) chief executive Antonio Perez plunged 66% on 2010.
CarMax (NYSE: KMX) reported higher fourth quarter earnings and revenue but same store sales fell short of expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 843.
