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Flat Open As Greece Forms Coalition Government

The markets opened flat with the Dow slipping 4 points to 12,833 as investors monitored the actions of the newly formed coalition government in Greece. Nasdaq eased a fraction to 2929.

On the upside

Galena Biopharma (Nasdaq: GALE) will present at the 2012 BIO International Convention today in Boston, MA.

Idenix Pharmaceuticals (Nasdaq: IDIX) reported upbeat interim results from a Phase IIb clinical trial of its HCV inhibitor drugs IDX184 and IDX719.

Shares of Molycorp (Nasdaq: MCP) rose after China said that its rare earth reserves totaled only 23% of global total rather than the 36% reported by the United States Geographical Survey.

On the downside

Adobe Systems (Nasdaq: ADBE) cut its revenue guidance for the year and warned of sequentially lower third quarter earnings.

Chimera Investment (NYSE: CIM) lowered its quarterly dividend and said that it will file its 2011 annual report as soon as practicable.

Procter & Gamble (NYSE: PG) blamed slowing sales growth for lowering its third quarter outlook.

In the broad market, advancing issues outpaced decliners by a margin of more than 10 to 9 on the NYSE while decliners edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 786.

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