It’s a weak of uncertainty, headlined by the US presidential elections and its impact on the fiscal cliff, and China’s once-in-a-decade Communist Party leadership transition. As such, trading in the US stock market was choppy, with the Nasdaq Composite
(INDEXNASDAQ:.IXIC) registering slight gains in mid-Monday trading.
"People are pausing ahead of the election and what that means for the fiscal cliff," Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, told Reuters
The Nasdaq was up 0.18% to 2,987.57 points on below-average trading volume of 622.16 million as of 12:03 p.m. EST.
(NASDAQ:BMRN) was one of the largest Nasdaq gainers on the day, surging 31.92% to $49.35. The stock is now trading at all-time highs after reporting good news for a late-stage trial of GALNs, its drug candidate to treat Morquio syndrome, a rare genetic disorder that causes issues such as abnormal heart and skeletal development. Leerink subsequently raised its price target on BioMarin to $65 from $44.
Research In Motion
(NASDAQ:RIMM) carried its upward momentum into the new trading week. After advancing 15% last week, shares of the company were up 3.33% to $9.00 by midday. Investors are placing their bets on RIM and its long-awaited BlackBerry 10, which has begun testing at dozens of telecommunications companies, indicating that the device will hit the market soon.
(NASDAQ:AAPL) also gained 1.36% to $584.66, after news that the company sold 3 million iPad Minis in its first weekend of sales. “We believe the release is a positive surprise considering Apple was able to deliver a number that materially exceeded the regular iPad,” said Barclays analyst Ben Reitzes.
(NASDAQ:EBIX) led all decliners, plunging 20.57% to $17.80. According to a Bloomberg report
, the company is under regulatory scrutiny from the Securities and Exchange Commission for its accounting practices. The investigation “is focused on revenue recognition, internal controls and the accuracy of the company’s public statements to shareholders,” said Bloomberg.
(NASDAQ:DNDN) also lost some of its 16% increase from last week, sliding 5.26% to $4.24. The company’s third-quarter Provenge sales missed expectations, which resulted in William Blair revising its price target on the biotech company to $4 from $5.
No positions in stocks mentioned.
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