Markets Retreat As Oil Prices Rebound
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.
