The markets closed lower with the Dow falling 63 points to 12,632 as Greece prepares to hold new elections next month. Nasdaq lost 8 points to 2893.

On the upside

An increase in homebuilder sentiment lifted shares of Hovnanian Enterprises (NYSE: HOV).

OPNET Technologies (Nasdaq: OPNT) reported higher fourth quarter earnings and declared a quarterly dividend of 15 cents per share payable on June 28, 2012 to shareholders of record June 14, 2012.

FriendFinder Networks (Nasdaq: FFN) widened first quarter losses more than expected but the social networking site increased new adult subscribers for the first time in six months.

On the downside

McEwen Mining (NYSE: MUX) discovered high grade gold in a new vein at its El Gallo Complex but the stock price fell.

Jaguar Mining (NYSE: JAG) reported lower first quarter earnings as sales dropped.

Retreating silver prices weighed down shares of Silvercorp Metals (NYSE: SVM).

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 777.