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The Nasdaq Now: Gets Buyout Boost


Apple and Prospect Global Resources also gained on the day.

MINYANVILLE ORIGINAL After the worst single-day fall in nearly four months, US stock struggled to move above Friday's closing levels, with major indices fluctuating between soft gains and losses, as investors awaited further market-moving earnings releases.

"There's a little bit of wait-and-see here, we've got a lot more earnings to come out with," Andrew Fitzpatrick, director of investments at Hinsdale Associates, told MarketWatch

The Nasdaq Composite (INDEXNASDAQ:.IXIC) was up 0.16% to 3,010.51 points on average trading volume of 714.80 billion as of 12:12 p.m. EDT.

One of the Nasdaq's top gainers was Prospect Global Resources (NASDAQ:PGRX), which jumped 21.53% to $3.50 after news that the company has inked a 10-year deal to supply potash to China's state-owned Sichuan Chemical Industry Holding for about $2.4 billion. (NASDAQ:ACOM) also surged 7.78% to $31.45 after it was announced that the genealogy website would be acquired by an investor group headed by European private-equity firm Permira for about $1.6 billion, or $32 per share.

Apple (NASDAQ:AAPL) was up 2.25% to $623.56. Tomorrow, the company will likely announce its new iPad Mini, new desktops and laptops, and even an iTunes revamp.

Among the losers was Arena Pharmaceuticals (NASDAQ:ARNA), which dipped 1.16% to $9.08. Rival Vivus's (NASDAQ:VVUS) weight loss drug Qsymia was recently rejected by Europe's regulatory body, the European Medicines Agency, or EMA, so investors were nervous that that could spell trouble for Arena's own obesity drug, Belviq, on whose fate the EMA will only decide next year. Both Qsymia and Belviq have been cleared by the FDA here in the US.

After setting a new 52-week low in Friday trading, Marvell Technology (NASDAQ:MRVL) slid another 2.27% to $7.40 in mid-Monday trading. Last week, the company had reported disappointing earnings and saw its stock get downgraded by at least eight analysts.

Twitter: @sterlingwong
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