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Lower Open As Gasoline Prices Climb

Rising gasoline prices weighed the markets down to a lower open with the Dow falling 48 points to 12,934. Nasdaq lost 10 points to 2953.

On the upside

The bankruptcy filing of Elpida Memory lifted shares of rival dynamic random-access memory chip maker Micron Technology (Nasdaq: MU).

Shares of Pacific Ethanol (Nasdaq: PEIX) climbed ahead of its earnings release after market close.

ATP Oil & Gas (Nasdaq: ATPG) reported that first oil production at its fourth well at the Telemark Hub met expectations and that production rate will increase.

On the downside

Dendreon (Nasdaq: DNDN) swung to a profit for the fourth quarter but warned of significant charges in the first quarter.

Nokia (NYSE: NOK) denied rumors that the company was engaged in discussions to merge with Microsoft (Nasdaq: MSFT).

Full year earnings climbed for HSBC Holdings (NYSE: HBC) but losses in the United State widened.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 6 points to 820.

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