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: 'F' Grade on Revenue Outlook Causes Biggest Apollo Group Decline in Two Years

By

Cymer and First Solar are among the top gainers on the day.

PrintPRINT
MINYANVILLE ORIGINAL After two days of solid gains, US equities have paused for a break in the heat of earnings season, with major indices staying all but flat in intraday trading.

The Nasdaq Composite (INDEXNASDAQ:.IXIC) was up 0.27% to 3,109.65 points on average trading volume of 786.52 million as of 12:05 p.m. EDT.

Cymer (NASDAQ:CYMI) was one of the largest Nasdaq gainers of the day, soaring 52.98% to $73.17. News broke earlier that the maker of semiconductor lithography equipment will be acquired by Dutch chip equipment firm ASML Holding NV (NASDAQ:ASML) (-5.72% to $50.52) for 1.95 billion euros, or about $2.5 billion, in cash and stock, which represents a 61% premium over Cymer's 30-day volume-weighted average price, MarketWatch noted.

Peregrine Pharmaceuticals (NASDAQ:PPHM) also jumped 27% to $0.89. The company earlier provided an update on corporate activities, saying that it had replaced a prior loan facility with over $14 million in gross proceeds raised since September 27 and that its contract manufacturing business is still on target for a record revenue year.

First Solar (NASDAQ:FSLR) also gained 6.43% to $25.64 on news that it won a contract to build a 13-megawatt photovoltaic solar power plant in Dubai.

Among leading decliners was Fortinet (NASDAQ:FTNT), which plunged a precipitous 19.03% to $20.08. The company's third-quarter results met expectations, but its downbeat forecast for the fourth quarter, which trailed analyst estimates, worried investors.

Apollo Group (NASDAQ:APOL) also suffered its biggest decline in two years, sliding 18.92% to $22.29. The University of Phoenix operator forecast fiscal 2013 revenue that was less than what analysts had predicted, and also said that it would be closing 115 University of Phoenix locations and cutting 800 jobs over the next fiscal year.

Twitter: @sterlingwong
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
 
Featured Videos

WHAT'S POPULAR IN THE VILLE