The markets closed flat with the Dow adding a point to 12,381 ahead of corporate earnings reports. Nasdaq dropped 8 points to 2771.
On the upside
Forest Laboratories' (NYSE: FRX) Namenda is effective only on patients with moderate to severe Alzheimer's. Namenda is one of only a few approved drugs to treat Alzheimer's disease.
Shares of Horizon Lines (NYSE: HRZ) continued climbing after agreeing last Thursday to pay $1.77 million to settle a lawsuit filed by the Puerto Rican government.
Lee Enterprises (NYSE: LEE) warned of lower second quarter revenue but also said that expenses are expected to drop rather than rise.
On the downside
JPMorgan initiated coverage of Westport Innovations (Nasdaq: WPRT) with a Hold rating.
Online brokerage Interactive Brokers increased the margin requirement on Gulf Resources (Nasdaq: GFRE) to 50% and will lift it to 100% on Wednesday.
Biogen Idec (Nasdaq: BIIB) reported positive results from a late stage clinical trial of its multiple sclerosis treatment BG-12. Teva Pharmaceutical (Nasdaq: TEVA) will release results of its experimental multiple sclerosis treatment at the American Academy of Neurology annual meeting this week.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 833.
