Markets Slip Even As Oil Retreats

The markets turned negative during the midday with the Dow slipping 15 points to 12,965 even as crude oil prices retreated. Nasdaq fell 11 points to 2977.

On the upside

ATP Oil & Gas (Nasdaq: ATPG) reported upbeat oil production rates from its Mississippi Canyon Block 942 A-3 well.

Thornhill Capital completed its Asset and Cash Verification Reports for Sino Clean Energy (Nasdaq: SCEI) and stated that it was unlikely for the company's financial results to be misstated.

Wynn Resorts (Nasdaq: WYNN) stock continued climbing even after the casino operator filed an erroneous report about an agreement to develop a new resort in Macau.

On the downside

Concerns about Amarin's (NYSE: AMRN) patent application rejected weighed down shares of the biopharmaceutical.

Dex One (NYSE: DEXO) reversed year ago losses to post a profit for the fourth quarter but the marketing solutions firm warned of weakness in the first quarter.

Tutor Perini (NYSE: TPC) reported higher fourth quarter earnings but the results fell far short of analyst expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 803.

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