Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

The Nasdaq Now: Ancestry.com Gets Buyout Boost

By

Apple and Prospect Global Resources also gained on the day.

PrintPRINT
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.

Ancestry.com (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
< Previous
  • 1
Next >
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.
PrintPRINT

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE