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: Up 15% Last Week, Research In Motion Continues Upward Climb

By

BioMarin Pharmaceutical and Apple were also up on the day.

PrintPRINT
MINYANVILLE ORIGINAL It's a weak of uncertainty, headlined by the US presidential elections and its impact on the fiscal cliff, and China's once-in-a-decade Communist Party leadership transition. As such, trading in the US stock market was choppy, with the Nasdaq Composite (INDEXNASDAQ:.IXIC) registering slight gains in mid-Monday trading.

"People are pausing ahead of the election and what that means for the fiscal cliff," Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, told Reuters.

The Nasdaq was up 0.18% to 2,987.57 points on below-average trading volume of 622.16 million as of 12:03 p.m. EST.

BioMarin Pharmaceutical (NASDAQ:BMRN) was one of the largest Nasdaq gainers on the day, surging 31.92% to $49.35. The stock is now trading at all-time highs after reporting good news for a late-stage trial of GALNs, its drug candidate to treat Morquio syndrome, a rare genetic disorder that causes issues such as abnormal heart and skeletal development. Leerink subsequently raised its price target on BioMarin to $65 from $44.

Research In Motion (NASDAQ:RIMM) carried its upward momentum into the new trading week. After advancing 15% last week, shares of the company were up 3.33% to $9.00 by midday. Investors are placing their bets on RIM and its long-awaited BlackBerry 10, which has begun testing at dozens of telecommunications companies, indicating that the device will hit the market soon.

Apple (NASDAQ:AAPL) also gained 1.36% to $584.66, after news that the company sold 3 million iPad Minis in its first weekend of sales. "We believe the release is a positive surprise considering Apple was able to deliver a number that materially exceeded the regular iPad," said Barclays analyst Ben Reitzes.

Ebix (NASDAQ:EBIX) led all decliners, plunging 20.57% to $17.80. According to a Bloomberg report, the company is under regulatory scrutiny from the Securities and Exchange Commission for its accounting practices. The investigation "is focused on revenue recognition, internal controls and the accuracy of the company's public statements to shareholders," said Bloomberg.

Dendreon (NASDAQ:DNDN) also lost some of its 16% increase from last week, sliding 5.26% to $4.24. The company's third-quarter Provenge sales missed expectations, which resulted in William Blair revising its price target on the biotech company to $4 from $5.

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.
PrintPRINT

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE