Despite the narrowing of the nation's trade deficit in March, the markets tumbled as crude oil prices rose to settle at a record $125.96 a barrel. The Dow plummeted 121 points to 12,746 while Nasdaq lost 6 points to 2446.
On the upside
Activision (Nasdaq: ATVI) reversed year ago losses to report a profit for the fourth quarter as sales of Guitar Hero III and Call of Duty 4 boosted revenue to far exceed expectations. Analysts promptly upgraded the video game publisher.Strong sales of Medicis Pharmaceutical's (NYSE: MRX) acne medication lifted first quarter earnings prompting the company to increase its full year guidance.
Citi Investment Research cited improved margins for upgrading TECO Energy (NYSE: TE).
On the downside
Analysts downgraded Deltek (NYSE: PROJ) after the company reported first quarter earnings that fell due to a drop in the company's license revenue.
The Knot (Nasdaq: KNOT) blamed higher expenses for second quarter earnings that tumbled to fall short of estimates.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 720.
