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The Nasdaq Now: True Religion Finds Believers After News of Possible Sale

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Apple and Sirius XM are both up in midday trading.

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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
No positions in stocks mentioned.
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