The stock market made a strong advance in mid-Thursday trading after a pair of positive labor data came in.
The ADP reported better-than-forecast private sector job creation numbers for October and initial jobless claims also came in under expectations.
Led by the strength of tech stocks, the Nasdaq Composite
(INDEXNASDAQ:.IXIC) was up 1.45% to 3,020.33 points on above-average trading volume of 828.40 million as of 12:06 p.m. EDT.
JDA Software Group
(NASDAQ:JDAS), one of the Nasdaq’s volume leaders on the day, jumped 17.38% to $44.78. The supply chain software company agreed to be bought out by RedPrairie, a privately-held maker of warehouse management software, for some $1.9 billion in cash, or $45 a share.
Shares of Research in Motion
(NASDAQ:RIMM) also rallied, gaining 8.26% to $8.58 after the company announced Wednesday that it had initiated testing of its eagerly-anticipated BlackBerry 10 device, which will make its debut in 2013.
(NASDAQ:MU) also advanced 5.62% to $5.73 after its acquisition of bankrupt Japanese chipmaker Elpida was approved by a Tokyo court.
(NASDAQ:ABMD) was the biggest decliner in intraday trading, plunging 29.54% to $13.97 even though the company reported an earnings beat for its fiscal second-quarter. The company said quarterly earnings per share was $0.20, compared to the consensus estimate of $0.09. Revenue came in at $37.41 milllion, a 26.9% year-to-year increase, versus the Street’s estimate of $37.3 million.
(NASDAQ:CRUS) also fell 13.05% to $35.46 after it was downgraded to Hold from Strong Buy by Feltl & Co, who cited a drop in Cirrus’ growth metric.
After Carl Icahn disclosed he bought a 10% stake in Netflix
(NASDAQ:NFLX) and indicated that he would like the company to be acquired, shares of the stream video and DVD rental company slid 1.97% to $77.68.
No positions in stocks mentioned.
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