Midday Nasdaq Flat, but There's Optimism About the Fiscal Cliff

By Jonah Loeb  DEC 10, 2012 3:27 PM

Also, Zogenix gets slammed by a government panel.

 


MINYANVILLE ORIGINAL The Nasdaq Composite Index (INDEXNASDAQ:.IXIC) had risen 0.11% to 2981.07 as of 3:00 p.m. EST today, trading mostly flat as Apple (NASDAQ:AAPL) dragged down the tech sector despite investor optimism about a possible fiscal cliff deal.
 
Apple fell 0.78% to $529.07 after the Jefferies Group slashed its price target for the company’s stock by 11%. Amazon (NASDAQ:AMZN) also fell 2.08% to $247.90 after multiple analysts declared that the stock was overvalued.
 
Cisco (NASDAQ:CSCO) jumped 2.38% to $19.80 on higher-than-average volume as it unveiled its new brand strategy; Facebook (NASDAQ:FB), too, rose 1.87% to $28.00 despite insider Sheryl Sandberg unloading $26.2 million worth of her stock in the company last week.
 
Micron Technology (NASDAQ:MU) rose 3.65% to $6.68 on good volume after multiple research reports yielded optimism among analysts. Finally, Zogenix (NASDAQ:ZGNX) had a miserable day, dropping an alarming 51.69% to $1.14 on massive volume after a government panel overwhelmingly voted against the company’s stronger form of hydrocodone.
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