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: True Religion Finds Believers After News of Possible Sale


Apple and Sirius XM are both up in midday trading.

MINYANVILLE ORIGINAL Gains from bellwether Apple (NASDAQ:AAPL) help cut losses in the Nasdaq Composite (INDEXNASDAQ:.IXIC) to a minimum, despite declines in stocks like Facebook (NASDAQ:FB) and Zynga (NASDAQ:ZNGA).

The Nasdaq was down 0.26% to 3,056.98 points on average trading volume of 800.57 million as of 12:02 p.m. EDT.

True Religion Apparel (NASDAQ:TRLG) was among the day's biggest gainers, leaping 21.18% to $25.46 after it announced that it was exploring strategic moves, including a possible sale. Shares of the jeans company had declined 39% year-to-day prior to today.

Sirius XM Radio (NASDAQ:SIRI) was also up 2.28% to $2.69, with investors eagerly anticipating what Mel Karmazin will say later at the Liberty Media (NASDAQ:LMCA) investor conference.

After four successive days of declines, the Apple correction might be over, with shares of the tech behemoth up 0.85% to $641.24 as rumors swirl about the impending release of the mini iPad and about a new MacBook Pro.

OCZ Technology Group (NASDAQ:OCZ) was the hardest-hit stock of the day, plunging 39.68% to $1.90 after the company revealed, in requesting from the Securities and Exchange Commission (or SEC) a deadline extension for its second quarter filing, that it expects a "significant" second-quarter net loss. OCZ also appointed board member Ralph Schmitt as president and CEO.

Glu Mobile (NASDAQ:GLUU) continued its slide from yesterday, falling 14.29% to $2.82. The online game maker said earlier that it will likely lose between $3.1 million and $4 million in the third quarter. The San Francisco-based company will report earnings on November 1.

Following a downgrade to Neutral by Piper Jaffray, troubled social game maker Zynga also slid 4.93% to $2.32. Piper Jaffray analyst Michael Olson did a survey on social gaming recently, which found that "social gaming is as unpopular among teens as we have ever seen." Olsen also wrote, "While we acknowledge teens are not the core social gaming demographic, results nonetheless demonstrate a deterioration in the category that is likely to persist for several quarters, or longer."

Facebook, whose fortunes are closely linked to Zynga, also fell 2.61% to $19.70. Investors were concerned after Bloomberg reported that Facebook had resisted requests from SEC regulators to have more disclosure on its mobile-ad and desktop-ad business risks a few days before the company's IPO on May 18.

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.
Featured Videos