Gasco Energy Inc. (GSX: chart) shares tumbled 18.7% after the oil and gas exploration and production company priced its public offering of 10 million shares of common stock, saying it expects gross proceeds of about $19.3 million.

Harris Interactive (HPOL: chart), market research company, shares dropped 18.3% after it predicted lower-than-expected third-quarter revenue growth due to its reduced third-quarter sales bookings expectations. The company said quarterly sales bookings are seen at approximately $58 million, down from its prior outlook for $66 million in sales bookings. While Harris anticipates $4 million to $7 million in contracts to be decided in the fourth quarter, it said the delays will hurt its second-half revenue.

ImClone Systems Inc. (IMCL: chart), biotech drug maker, and drug maker Bristol-Myers Squibb Co. said a late-stage clinical trial studying Erbitux with chemotherapy did not significantly prolong the survival of patients with advanced pancreatic cancer. Shares fell 7.3%.

Seagate Technology (STX: chart) tumbled 8.1% after the company lowered its sales forecast for its third quarter. It expects to report sales of $2.8 billion, lower than its past target for revenue between $2.9 billion and $3 billion.

1:00AM NY European stocks closed higher, helped by deal news and DaimlerChrysler.
European stock markets closed higher on Tuesday, boosted by merger-and-acquisition news and strength in the shares of DaimlerChrysler. The automaker rose 3.6% after investor Kirk Kerkorian offered $4.5 billion for the group''s struggling Chrysler unit last Thursday. Among other companies in focus, Germany''s Puma AG surged 9.4% as French luxury-goods group PPR offered to buy the sportswear group for about $7.1 billion. PPR bought 27.14% of Puma for 330 euros a share and is planning to bid the same price for the rest of the shares. Shares of PPR rose 3.2% in France. In other deal news, the Dutch Rodamco Europe jumped 8.7% after it agreed to be acquired by France''s Unibail Holding in a $15 billion, which will create Europe''s largest commercial real-estate company. Shares of Unibail slipped 4.8% in Paris. Resource stocks also provided support, as mining stocks benefited from a rise in metal prices. Among the biggest gainers, Vedanta Resources climbed 3.6% and Rio Tinto rose 2.5%. German DAX 30 index closed up 0.9% at 7,166.67, the U.K.''s FTSE 100 added 0.3% to 6,417.80, while the French CAC 40 gained 0.4% at 5,766.27.


11:30AM U.S. markets were little changed. Oil and gold stocks gained, tech shares dropped.
U.S. stocks were little changed on Tuesday morning, as investors remained reluctant to buy stocks ahead of the first-quarter earnings season. Alcoa Inc. (AA: chart), the first company to report Q1 earnings, lost 0.6%. The gold sector made one of the market''s best performances in morning trading, as the price of gold advanced $6.90 at $683.80 an ounce. Oil service stocks also showed some strength, helped by a rebound by the price of oil. Baker Hughes (BHI: chart) and National Oilwell Varco (NOV: chart) turned in two of the sector''s best performances, each rising 1.7%. Among other gainers in the sector, Exxon Mobil Corp. (XOM: chart) added 0.7% and Chevron Corp. (CVX: chart) rose 1%. Natural gas, biotechnology, and telecommunication sectors were also among the gainers.

However, computer hardware stocks moved to the downside, with shares of Seagate Technology showing a notable decline. Seagate (STX: chart) dropped 9% after the hard disc drive manufacturer cut its Q3 revenue outlook, citing lower-than expected industry demand for 3.5-inch ATA disc drive. Homebuilders showed weakness, as D.R. Horton (DHI: chart)lost 1.8% after it said orders for new homes fell 37% last quarter. Mortgage lenders also moved notably down on concern about the health of housing. Impac Mortgage Holdings Inc. (IMH: chart) dropped 9.4% and Novastar Financial Corp. (NFI: chart) fell 3.1%. Some chemical stocks also came under pressure, as Dow Chemical (DOW: chart) fell 2.5% after the company said that it has no interest in the reported $50 billion leveraged buyout.


9:45AM U.S. markets opened flat.
Wall Street opened near the flat line Tuesday, with investors awaiting reports on how the companies performed during the first quarter. The earnings season kicks off with aluminum producer Alcoa (AA: chart), which is expected to report profit of 75 cents a share. Among technology shares, chip equipment makers may get a boost. Tech stocks showed some strength, boosted by Applied Materials Inc. (AMAT: chart). The company''s shares rose 2.4% following an upgrade to buy from neutral at Banc of America Securities. The btoker cited the company''s move to the solar power market. In contrast, hard-disk maker Seagate Technology (STX: chart) fell 8% after warning that Q3 revenue will come in below an early forecast of $2.9 billion to $3 billion.

Dow Chemical (DOW: chart) fell 2.3% after it announced it is not interested in the leveraged buyout. Citigroup (C: chart) was also in focus as the bank is expected to announce that 26,000 jobs will be cut or reassigned. The stock rose 0.5%. Mexican stocks advanced, led by Cemex (CX: chart) which rose 3.3% after it improved its bid for Australian building materials group Rinker (RIN: chart) by 22% to $15.3 billion. In other deal news, Imperial Tobacco''s (ITY: chart) made a second bid for Spanish-French cigarette maker Altadis. The new offer was valued at $16 billion but was rejected. In the early trading, the Dow Jones industrial average rose 9.02, or 0.07%, to 12,578.16. The Standard & Poor''s 500 index edged up 1.92, or 0.13%, to 1,446.53, and the Nasdaq composite index rose 4.71, or 0.19%, to 2,473.89. Bonds rose, with the yield on the benchmark 10-year Treasury note falling to 4.73% from 4.75% late Monday.


9:30AM FTSE 100 was higher on Tuesday on strength in the mining sector.
The UK market is higher in mid-day trade on Tuesday. The FTSE 100 advanced 0.4%, or 25 points higher at 6,422.3.

Advancers

Mining stocks climbed, supported by stronger metals prices. Xstrata, which also came up with a bid offer for Gloucester Coal of Australia, rose 1.4%. Kazakhmys was 1.5% higher and Rio Tinto was 0.8% higher. BHP Billiton advanced 2.2%.

Imperial Tobacco overcame intraday losses to increase 0.2% in the wake of Altadis rejection of its latest, 47 euro a share bid for the Franco-Spanish company. Altadis announced the offer undervalued its growth prospects.

Decliners

J Sainsbury fell 4.2% on press reports that Lord Sainsbury of Turville and his family have blocked a higher, 582p per share offer from a trio of private equity bidders and have continued to indicate that they would be unhappy with less than 600p a share.

Crude prices dipped over the weekend, stabilising around $62 a barrel, weighing on shares in BP, which lost 0.6%, and Royal Dutch Shell, off 0.4%. Among mid-caps, Accident Exchange tumbled 41% after it issued a profit warning following slower-than-forecast growth in the third quarter.