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The Nasdaq Now: Apple Briefly Hits New All-Time High

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BioFuel Energy and Smith & Wesson are among the top gainers in midday trading.

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MINYANVILLE ORIGINAL After hitting a near 12-year high last week, the Nasdaq Composite (^IXIC) is holding most of its gains in intraday trading despite a disappointing August jobs report.

The Nasdaq is down 0.11% to 3,132.47 as of 12:33 p.m. EDT on trading volume of 894.43 million.

A big jump in BioFuel Energy (BIOF) demonstrates the market-moving power of prominent investors. After hedge fund manager David Einhorn raised his stake in the ethanol maker by 11%, BioFuel Energy surged 61.33% to $4.84. Prior to Friday, shares of Biofuel were down 76% year-to-date because of a US drought-related corn supply squeeze.

Gun maker Smith & Wesson (SWHC) also rallied, up 15.56% to $10.40 after reporting estimate-beating fiscal first-quarter results and raising its full-year outlook. The company now expects fiscal year earnings to come in between $0.85 to $0.90 per share on revenue of $530 million to $540 million.

Apple (AAPL) hit an all-time high of $681.50 before giving back some of its gains. The stock is still up 0.62% to $680.43 as of 12:36 p.m. EDT.

Audience (ADNC) plunged 68.08% to $6.02 after its CEO Peter Santos announced that its chips would not be used in the iPhone 5.

After Intel (INTC) cut its fiscal third-quarter revenue forecast citing poor PC sales that affect demand for its chips, a slew of technology stocks also fell, including Microsoft (MSFT) (-1.77% to $30.79) Nvdia (NVDA) (-3.86% to $13.20), and Micron Technology (MU) (4.72% to $6.36).

Twitter: @sterlingwong
No positions in stocks mentioned.
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