The markets traded flat during the midday with the Dow edging up 5 points to 13,258 after a disappointing slip in consumer sentiment. Nasdaq added a point to 3058.
On the upside
Shares of Frontline (NYSE: FRO) climbed after Dahlman Rose wrote that oil tanker rates are expected to be “very well supported in the coming weeks.”
Elan’s (NYSE: ELN) is expected to release Phase 3 trial data for its Azheimer’s Disease treatment bapineuzumab in July.
Shares of Amarin (Nasdaq: AMRN) continued rising over expectations that the U. S. Patent and Trademark will grant a patent for the biopharmaceutical’s cancer treatment AMR-101.
On the downside
The 2011 compensation package for Synovus Financial (NYSE: SNV) president and chief executive Kessel D. Sterlling soared 66%.
SMF Energy (Nasdaq: FUEL) cited sharply lower sales and earnings projections for indefinitely suspending its quarterly dividend.
SunTrust downgraded Abraxas Petroleum (Nasdaq: AXAS) to a Neutral rating.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 830.
