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June 05, 2012 at 13:32 PM EDT
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.
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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