The nation's trade deficit narrowed in April as both imports as well as exports tumbled. The markets opened mixed with the Dow losing 8 points to 12,452 while Nasdaq rose 5 points to 2836.

On the upside

Speculation that Nokia (NYSE: NOK) may be acquired lifted shares of the smartphone maker.

Bargain hunters lifted shares of Molina Healthcare (NYSE: MOH) whose stock price plunged yesterday after the company withdrew its full year guidance.

Francesca's Holdings (Nasdaq: FRAN) reported sharply higher first quarter earnings that more than doubled to surpass analyst expectations.

On the downside

FleetCor (NYSE: FLT) commenced a secondary offering of 6.75 million common shares.

Investors locked in profits on Yum! Brands (NYSE: YUM) whose stock price soared after announcing record sales of its Doritos Tacos.

ATP Oil & Gas' (Nasdaq: ATPG) newly appointed chief executive Matt McCarroll resigned after less than a week on the job.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 759.