Midday Nasdaq Up on Sirius and Netflix

By Jonah Loeb Oct 03, 2012 3:00 pm

Also, Sarepta Therapeutics is helping people walk again, which is a nice thing to do.

MINYANVILLE ORIGINAL The Nasdaq Composite Index (INDEXNASDAQ:.IXIC) rose 0.39% to 3,131.98 as of 2:30 p.m. EDT today as data shows that the economy is still growing, despite earlier concerns that growth has slowed recently.

The biggest story was Sarepta Therapeutics (NASDAQ:SRPT), which shot up 182.99% to $42.42 on 23,595,600 shares traded (over twelve times its average) after tests showed its drugs helped muscular dystrophy patients develop a key protein. New York Mortgage Trust (NASDAQ:NYMT) suffered a small drop on high volume, falling 1.97% to $6.96 after pricing its sale of common stock at $6.89 per share.

Among tech stocks, Sirius XM Radio (NASDAQ:SIRI) rose 3.24% to $2.70 as it prepared to release its third-quarter results. Netflix (NASDAQ:NFLX) also had a good day, rising 7.60% to $60.75 after analysts announced that the streaming video company's customers were happier with the service.

Dell (NASDAQ:DELL) slid 4.75% to $9.43 as it shared HP's (NYSE:HPQ) bleak sales outlook, while Apple (NASDAQ:AAPL), fresh off a recent slide, rose slightly by 0.68% to $665.82 despite Samsung's (PINK:SSNLF) calls for a new patent infringement trial and analysts' doubts over the company's long-term vision.