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The Nasdaq Now: Volume Leader Facebook Back Up Over $20


Mediware Information Systems and Coffee Holdings are among the day's greatest gainers.

MINYANVILLE ORIGINAL As the Fed starts its two-day policy meeting, one which could introduce a new round of quantitative easing measures to stimulate the economy, investors are staying cautious, with US equities staying all but flat.

The Nasdaq Composite (^IXIC) is up 0.06% to 3,106.43 points as of 12:13 p.m. on trading volume of 794.06 million.

Mediware Information Systems (MEDW) is one of the Nasdaq's top gainers, surging 39.11% to $21.91. Earlier, the company's board confirmed the sale of Mediware to private equity firm Thoma Bravo for $195 million. Based on the health-care software maker's Tuesday closing price of $15.75 a share, the sale figure represents a premium of around 40%.

Shares of Coffee Holdings (JVA) also jumped 20.19% to $8.82 after the company reported better-than-expected quarterly earnings. For its fiscal third quarter, Coffee Holdings said it made a profit of $1.2 million, or $0.19 a share, compared with $168,236, or $0.03 a share, a year ago. Sales increased 24% to $44.5 million.

Facebook (FB), the most-traded stock today on the Nasdaq, is back up over $20 (+5.44% to $20.49) for the first time since August 20 after CEO Mark Zuckerberg's public appearance at Tuesday's TechCrunch conference in San Francisco. Acknowledging that the social network had made missteps, Zuckerberg reassured investors that he was confident Facebook would be able to successfully monetize its mobile platform.

Ahead of the iPhone 5 launch, Apple (AAPL) is another hotly traded stock, with swings up and down. As of 12:17 p.m., the stock is down 0.04% to $660.35 after hitting $667.00 earlier in the day.

Midday Nasdaq losers include Oncolytics Biotech (ONCY) (-20.57% to $2.24), which provided an update on its cancer drug trial earlier in the morning. The company announced plans to increase enrollment it the Phase 3 study of its head-and-neck cancer drug, Reolysin, after observing different responses in two different patient groups.

Globecomm Systems (GCOM) plunged 16.02% to $11.17 after releasing a weak forecast for fiscal 2013. The satellite communications company said that a weak economy, combined with reduced military spending, were hurting its business.

Twitter: @sterlingwong
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