The markets traded near the flatline during the midday with the Dow slipping 5 points to 11,108 as the nation's economy expanded at a modest 2% pace last quarter. Nasdaq added 4 points to 2512.

On the upside

Estee Lauder (NYSE: EL) impressed with sharply higher first quarter earnings that beat analyst expectations by a wide margin as department store sales climbed.

First quarter earnings for Maxim Integrated Products (Nasdaq: MXIM) nearly tripled as revenue climbed to top estimates and forecast current quarter earnings ahead of expectations.

Fairfax Financial Holdings will acquire First Mercury Financial (NYSE: FMR) in a deal valued at approximately $294 million.

On the downside

Exact Sciences (Nasdaq: EXAS) announced that its new Cologuard test detected 87% of colon cancer tumors without a colonoscopy but the stock price tumbled.

Dresser-Rand Group (NYSE: DRC) disappointed with third quarter earnings that dropped in half as revenue fell.

AMAG Pharmaceuticals (Nasdaq: AMAG) found serious adverse reactions in some patients using its anemia treatment Feraheme.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 703.