Financial Impact Of Grounded Flights Weighs Down Markets

Despite upbeat earnings news, the markets traded near the flatline with the Dow slipping 5 points to 11,086 over continued concerns about the financial impact of grounded flights in Europe. Nasdaq added 4 points to 2484.

On the upside

Array BioPharma (Nasdaq: ARRY) entered a collaboration agreement valued at up to $467 million with Novartis to develop the cancer treatments ARRY-162 and ARRY-300.

The European Medicines Agency's Committee for Orphan Medicinal Products issued a positive opinion for CytRx's (Nasdaq: CYTR) chronic myeloid leukemia treatment bafetinib.

Argus upgraded Interpublic (NYSE: IPG).

On the downside

Human Genome Sciences (Nasdaq: HGSI) and GlaxoSmithKline (NYSE: GSK) announced that their lupus treatment Benlysta failed secondary goals in a late stage clinical trial.

First quarter earnings for Northern Trust (Nasdaq: NTRS) dropped to fall short of expectations.

MGIC Investment (NYSE: MTG) disappointed with a first quarter loss and the mortgage insurer announced a public offering of $700 million worth of common shares and $300 million in convertible senior notes.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 714.