The Nasdaq Now: Facebook Dips Ahead of Another Lockup Expiration

By Sterling Wong  NOV 13, 2012 12:20 PM

Tekmira Pharmaceuticals and ZaZa Energy were up on the day.


MINYANVILLE ORIGINAL US stocks stayed all but flat in mid-Tuesday trading, as investors continued to await greater clarity on whether the government will be able to strike a budget deal in time to avert the fiscal cliff.

The Nasdaq Composite (INDEXNASDAQ:.IXIC) was up 0.07% to 2,906.33  points on average trading volume of 743.33 million as of 12:03 p.m. EST.

Tekmira Pharmaceuticals (NASDAQ:TKMR) was one of the greatest gainers in intraday trading, surging 17.53% to $6.02. The company earlier announced the settlement of its lawsuit against Alnylam Pharmaceuticals (NASDAQ:ALNY) (+5.89% to $17.07), with the latter agreeing to pay Tekmira $65 million within 10 days. Tekmira is also eligible to receive $10 million in near-term milestone payments in 2013.

After announcing record third-quarter results, ZaZa Energy (NASDAQ:ZAZA) leapt 24.09% to $1.70. The company posted net income of $133.8 million, or $1.02 per share, compared to a net loss of $2.6 million, or $0.03 per share, in the same period a year ago. Revenue came in at a robust $207.2 million, versus $4.4 million in the comparable year-ago timeframe.

Qualcomm (NASDAQ:QCOM) was also up 1.56% to $62.58. Nomura, who has a Buy rating on Qualcomm, says that the market is underestimating Qualcomm’s licensing growth potential as 3G subscriber penetration continues to rise in emerging markets.

On the day of the launch of the third round of Federal Reserve quantitative easing (QE3), American Capital Agency (NASDAQ:AGNC) fell 4.40% to $29.09. Investors were concerned because stimulatory measures lower spreads, bond yields, and homeowners' borrowing costs, which in turn puts pressure on REITs’ earnings and dividends.

Research In Motion (NASDAQ:RIMM) dipped 2.04% to $8.63 as the market continues to await the introduction of its much-awaited BlackBerry 10.

Facebook (NASDAQ:FB) also eased 0.75% to $19.92. Tomorrow is yet another lockup expiration date, with some 777 million additional sales becoming eligible for sale.

Twitter: @sterlingwong
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.