Rising gasoline prices weighed the markets down during the midday with the Dow slipping 32 points to 12,473. Nasdaq held steady at 2820.
On the upside
ZST Digital Networks (Nasdaq: ZSTN) denied allegations of fraud made by short-sellers.
First quarter earnings for Ultratech (Nasdaq: UTEK) surged nearly fourfold as revenue soared.
Graphic Packaging Holding (NYSE: GPK) reported sharply higher first quarter earnings that more than quadrupled.
On the downside
Avid Technology (Nasdaq: AVID) disappointed with an unexpected loss for the first quarter.
Pharmasset (Nasdaq: VRUS) blamed higher expenses for widening second quarter losses.
Arkansas Best (Nasdaq: ABFS) narrowed first quarter losses but the results fell far short of analyst expectations.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 3 points to 842.
