US stocks traded in a narrow range today, swinging from mild gains in the morning to mild losses by midday.
"There's nothing that suggests the economy is poised to free-fall or rally, and with all the uncertainty out there people are choosing to just take their 2012 gains now rather than December," John Norris, managing director of wealth management with Oakworth Capital Bank in Birmingham, Alabama, told Reuters
The Nasdaq Composite
(INDEXNASDAQ:.IXIC) was down 0.57% to 2,830.63 points on robust trading volume of 889.59 million as of 12:14 p.m. EST.
Shares of NetApp
(NASDAQ:NTAP) surged 10.57% to $29.99 after an upgrade to Outperform from Market Perform from Raymond James analyst Brian Alexander. In his note, Alexander wrote that his firm has “increased optimism that product refreshes, tighter integration of flash, and expanding partnerships with leading technology players should improve revenue momentum.”
Yesterday, NetApp also posted stronger-than-forecast quarterly earnings. For its fiscal second quarter, the data-storage technology company earned an adjusted $189 million, or $0.50 per share, on revenue of $1.54 billion. The consensus estimate was earnings of $0.48 per share with the same revenue number.
The same day it launched the popular Facebook
(NASDAQ:FB) game Ruby Blast
(NASDAQ:AAPL) devices, Zynga
(NASDAQ:ZNGA) rose 7.01% to $2.29. Zynga, of course, has been trying to reduce its reliance on the Facebook platform, so this mobile launch is a step in the right direction. The company said that Ruby Blast
will be introduced to the Android
(NASDAQ:GOOG) platform soon as well.
(NASDAQ:DLTR) was also up 3.34% to $39.02 after an upbeat fourth-quarter forecast. The retailer said it expected earnings of $0.97 to $1.02 per share for the current quarter, when analysts had forecast $0.97 on average.
(NASDAQ:TZYM) shares collapsed 75.06% to $0.99 in intraday trading after the company announced poor results for the trial of its experimental drug TZP-102, which was meant to treat a symptom of diabetes. The blow is significant because TZP-102 is the only drug Tranzyme has in a clinical study; another two drugs have yet to reach phase 1.
(NASDAQ:VELT) also plunged 33.59% to $4.41. For the quarter, the company posted a per-share loss of $0.03, when analyst had forecast a profit of $0.03. Revenue of $62.40 million did exceed the consensus estimate of $62.05 million.
(NASDAQ:DRYS) also slid 14.66% to $1.78 after third-quarter revenue missed forecasts.
No positions in stocks mentioned.
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