Markets Retreat As Oil Prices Rebound

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The markets retreated from earlier highs but managed to trade above the flatline with the Dow gaining 22 points to 12,832 as oil prices rebounded. Nasdaq eased a fraction to 2873.

On the upside

The Food and Drug Administration approved Spectrum Pharmaceuticals' (Nasdaq: SPPI) Fusilev for treating advanced colorectal cancer.

French luxury goods retailer PPR offered $607.5 million in cash to acquire sports apparel company Volcom (Nasdaq: VLCM).

D. Medical (Nasdaq: DMED) received Food and Drug Administration approval to market its Spring Universal Infusion Sets.

On the downside

Hovnanian Enterprises (NYSE: HOV) announced the pricing of its senior secured notes offering on Friday after market close. 

Pilgrim's Pride (NYSE: PPC) reported on Friday that first quarter losses widened more than expected as feed expenses climbed.

Ryland Group (NYSE: RYL) declared on Friday after market close a quarterly dividend of $0.03 cents per share payable on July 29 to shareholders of record on July 15.

In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 7 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 858.

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This page contains a single entry by published on May 2, 2011 10:05 AM.

Bin Laden's Death Lifts Markets To Higher Open was the previous entry in this blog.

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