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


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

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
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