Modestly Higher Close With Greece Poised To Approve Cuts

The markets recovered in late afternoon trading to close modestly higher with the Dow adding 5 points to 12,883 as Greek leaders appeared ready to approve severe spending cuts. Nasdaq rose 11 points to 2915.

On the upside

Calix (NYSE: CALX) widened fourth quarter losses but the results were better than expected and the company introduced two new optical line terminal cards to its Unified Access portfolio.

Level 3 Communications (NYSE: LVLT) narrowed fourth quarter losses as revenue surged.

Ralph Lauren (NYSE: RL) reported higher third quarter earnings that beat analyst expectations as revenue climbed.

On the downside

Higher One (NYSE: ONE) disappointed with fourth quarter revenue that missed expectations and lower earnings.

Fourth quarter revenue for CBRE Group (NYSE: CBG) fell short of expectations and earnings dropped.

Standard & Poor's lowered its credit rating on Exco Resources (NYSE: XCO).

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 5 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 828.

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