US stocks fell on this last day of the quarter on data that showed that manufacturing activity in Chicago contracted. The quarter remains positive overall, however.
“We had a heck of a good quarter and month for stocks beyond what anyone thought,” Stuart Hoffman, chief economist at PNC Financial Services Group, told MarketWatch
. “So now we’re having a step backward as some of the QE3-inspired gains dissipate.”
The Nasdaq Composite
(INDEXNASDAQ:.IXIC) is down 0.48% to 3,121.67 points on average volume of 779.77 million as of 12:09 p.m. EDT.
(NASDAQ:CYTX) gained 18.47% to $4.57 on news that it has been awarded a government contract of up to $106 million to develop a treatment for burns caused by thermal or radioactive bombs.
Nasdaq volume leader of the day Research In Motion
(NASDAQ:RIMM) surged 10.22% to $7.87 after releasing second-quarter fiscal results that were not as bad as investors and Wall Street had feared. RIM logged a quarterly loss of $235 million, or $0.45 per share, on revenue of $2.9 billion. The consensus estimate was a loss of $0.47 per share on revenue of $2.49 billion. BlackBerry smartphone shipments also shrank 30% to 7.4 million.
Another much-maligned stock, Facebook
(NASDAQ:FB), also popped 6.79% to $21.70 on the introduction of a new feature that will allow its users to purchase gifts for friends.
Among the heaviest decliners was Adtran Inc.
(ADTN), whose shares dropped 8.59% to $17.51 after the company released its third-quarter forecast, which fell below analyst expectations.
(NASDAQ:PPHM) continued to flirt with the $1.00 mark. Its shares declined 7.21% to $1.03.
With Time Warner commencing its Clearwire Corporation
(NASDAQ:CLWR) stock dump, the latter fell 6.08% to $1.39.
(NASDAQ:AAPL) also dipped 1.25% to $672.81 as CEO Tim Cook released a statement apologizing for the tech giant’s error-strewn Maps application.
No positions in stocks mentioned.
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