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The Nasdaq Now: Tech Stocks Dragging Index Down

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KSW and Sunshine Heart are among the gainers in intraday trading.

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MINYANVILLE ORIGINAL As investors wait to see whether Fed Chairman Ben Bernanke will announce more stimulatory measures at the FOMC meeting on Thursday, US stocks have stayed more or less flat, although poor performances by tech stocks dragged the Nasdaq Composite (^IXIC) down 0.40% to 3,123.73 points in intraday trading.

Shares of KSW (KSW) surged 22.21% to $4.97 after news that the heating, ventilating, and air-conditioning-systems provider would be acquired by New York real estate developer Related Cos. for $32.1 million in cash.

Sunshine Heart (SSH) also jumped 21.00% to $8.36. On Friday, Canaccord Genuity initiated coverage on the medical device stock with a Buy. The company also recently completed an $18 million capital raise.

Headlining the losers list is Geron Corp (GERN), which plunged 56.86% to $1.25 after the company suffered major setbacks for its experimental cancer drug, imetelstat. Geron announced it has discontinued one study of the drug, and it expects failure in a second study.

(See also: Geron Shares Fall by Half After Cancer Drug Fails.)

Titan Machinery (TITN) fell 20.38% to $20.20 after the farm equipment retailer reported a big earnings miss that was caused by the drought in the Midwest, which lowered prices of tractors and combines. Titan also cut its fiscal 2013 profit forecast to between $2.10-$2.30 from its previous range of $2.55-$2.75.

Lead by Intel's (INTC) fall (-3.18% to $23.42), a slew of tech stocks are also down in intraday trading, including Mellanox Technologies (MLNX) (-8.09% to $101.89), Apple (AAPL) (-1.11% to $672.88), Facebook (FB) (-1.21% to $18.75), and Western Digital (WDC) (-0.93% to $41.47).

Twitter: @sterlingwong
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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.

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