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Markets Flat Over Spanish Banking Concerns

The markets traded near the flatline with the Dow slipping 5 points to 12,095 as Spain's Treasury Minister acknowledged that its banks would need financial assistance from the European Union. Nasdaq edged up a fraction to 2760.

On the upside

Avian Securities upgraded RF Micro Devices (Nasdaq: RFMD) from Neutral to Positive.

Radian Group (NYSE: RDN) subsidiary Radian Guaranty reported $2.73 billion worth of new insurance written in May and lower delinquencies.

Freescale Semiconductor (NYSE: FSL) named Texas Instruments (Nasdaq: TXN) senior vice president Gregg A. Lowe as its new president and chief executive officer.

On the downside

Fastenal (Nasdaq: FAST) reported higher sales in May but the gains may not be enough to meet second quarter expectations.

Central European Distribution (Nasdaq: CEDC) must restate financial reports beginning January 1, 2010 to the present.

Analysts expect Quiksilver (NYSE: ZQK) to report lower second quarter earnings on Thursday.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 740.

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