Disappointing Earnings Weigh Markets Down To Lower Close

Corporate earnings disappointed to weigh the markets down with the Dow closing flat at 12,807. Nasdaq tumbled 20 points to 2841.

On the upside

Incyte (Nasdaq: INCY) narrowed first quarter losses more than expected.

Rising rare earth prices lifted shares of Molycorp (NYSE: MCP).

FirstEnergy (NYSE: FE) reported lower first quarter earnings but revenue topped estimates and the company forecast 2011 through 2013 income above expectations.

On the downside

Citron Research questioned company data released by Sky-Mobi (Nasdaq: MOBI). 

Retreating gold prices weighed down shares of Eldorado Gold (NYSE: EGO).

Anadigics (Nasdaq: ANAD) widened first quarter losses and warned of lower second quarter revenue.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 11 points to 843.