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The Nasdaq Now: Tech Stocks Dragging Index Down


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

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.
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