4:030PM NY; 9:30PM Frankfurt; 2:00AM Mumbai - GLOBAL MARKETS

Market averages in NY trading managed to recover after sliding at the opening and weak trading in the morning. Oil rebounded on concerns over Iran action and European and Latin American markets closed lower on the decline in the U.S. home sales.

Yield on 10-year U.S. bond closed at 4.587% and the 30-year bond closed at 4.787%.

Gold gained $6.600 to close at $663.900 a troy ounce, silver increased 18.3 cents to end at $13.410 a troy ounce and copper declined $6.000 to close at $6765.000 per metric ton.

Oil gained 63 cents to close at $62.910 a barrel and heating oil advanced 6.500 cents to finish at 177.610 cents a gallon. Natural gas decreased 1.5 cents to close at $7.254 per MMBtu. Gasoline went up 6.940 cents to end at 206.770 cents a gallon.

Asian markets closed mostly higher, with Japan''s Nikkei average rising modestly as investors snapped up blue-chip shares. The advancers were led by Indonesia with an increase of 0.43%, Hong Kong with a gain of 0.37% and Japan with an advance of 0.24%. The decliners were led by India with a decrease of 1.22%, Philippines with a loss of 0.63% and Singapore with a decline of 0.14%. Australia advanced 0.63%.

European markets finished lower after a sharp drop in U.S. new-home sales reignited economic growth concerns and on weakness in the automotive sector after Porsche made a below-market value move on Volkswagen. The decliners were led by Belgium with a decrease of 1.16%, Italy with a decline of 1.13% and France with a loss of 1.04%. There were no advancers.

Latin America markets finished mostly lower following a surprisingly large drop in U.S. home-sales figures. The decliners were Mexico with a decrease of 0.79% and Argentina with a decline of 0.74%. The only advancer was Brazil with an increase of 0.06%. Canada gained 0.24% as the energy sector rose on higher oil prices and investors cheered ongoing merger activity. Those factors helped offset the drag from bearish U.S. equities.

2:30PM NY, U.S. Market Movers

Biosite (BSTE: chart) soared 51.3% after Beckman Coulter (BEC: chart) said it will acquire the company.

DG FastChannel Inc. (DGIT: chart) shares climbed 13.1% after the provider of digital advertising services reported fourth-quarter net earnings of $1.99 million, or 15 cents a share, compared with a net loss of $1.03 million, or 14 cents per share, in the year-ago period. Revenue jumped to $21.7 million from $13 million. DG FastChannel forecast first-quarter adjusted EBITDA of $5.8 million to $6 million.

Inovio Biomedical Corp. (INO: chart) shares jumped 10.2% after the company said the Journal of Virology published a positive study from development partner Wyeth regarding an investigational DNA vaccine for HIV. The vaccine uses the company''s electroportation technology. The study involved rhesus macaques, with results indicating that the technology appears safe and improves the delivery and effectiveness of the vaccine in non-human primates.

Mac-Gray Corp. (TUC: chart) said the New York Stock Exchange contacted the company and requested that it issue a public statement on whether there are any corporate developments that might explain the unusual activity in its stock. Shares of the company climbed 13.1%.

Novatel Wireless Inc. (NVTL: chart) shares climbed 11.8% after the company boosted its first-quarter outlook. The maker of wireless-access cards now sees adjusted earnings of 35 cents a share, up from a prior forecast of 16 cents. Novatel projects revenue of more than $100 million, compared with its previous guidance of $80 million.

Osiris Therapeutics (OSIR: chart) shares rose over 14.4% a day after the company reported positive results from a study involving its stem cell therapy for the treatment of heart disease.

Semiconductor Manufacturing International Corp. (SMI: chart) surged 7.6% on news that it had hired investment banks Morgan Stanley and Deutsche Bank to find a strategic investor. The Financial Times reported on Monday that a successful suitor would likely need to spend up to $500 million for an expected 20% stake.

Tarrant Apparel (TAGS: chart), maker of private-label clothes, said it swung to a profit in the fourth quarter as sales rose 16% and margins improved. Net income totaled $1.7 million, or 6 cents per share, compared with a year-earlier loss of $1.5 million, or 5 cents per share. Revenue rose to $57.4 million, from $49.7 million, helped by higher sales of private-label clothes and the company''s American Rag brand. Shares of the company rose 17.4%.

Vonage Holdings Corp. (VG: chart) said the market had overreacted after a federal judge agreed to bar the Internet phone company from using technology patented by Verizon Communications Inc. Shares of the company jumped 14.7%.

Monro Muffler Brake (MNRO: chart), which operates a chain of automotive undercar repair and tire services stores, trimmed its quarterly and fiscal-year earnings expectations, due to underperformance at its ProCare stores and greater-than-expected workers compensation expenses. The company said it now expects a profit in the fourth quarter of between 25 cents per share and 27 cents per share, compared with previous guidance of 37 cents to 40 cents per share. Monro Muffler also reduced its fiscal 2007 earnings guidance to $1.54 to $1.56 per share on revenue of $415 million.

Progressive Gaming International (PGIC: chart) plummeted 17.4% after the maker of gambling equipment announced irregular trading volume in its stock Friday and after Interactive Systems Worldwide Inc. said the two companies have settled the patent infringement lawsuit filed by ISWI over Progressive''s Rapid Bet Live product.