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The Nasdaq Now: Tech Stocks Lead Nasdaq to Near 12-Year High

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Apple and Facebook are both up in midday trading.

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MINYANVILLE ORIGINAL Reassuring news from the European Central Bank and a much better-than-expected August jobs report boosted US equities in mid-Thursday trading, with the Nasdaq Composite (^IXIC) up 2.08% to 3,133.09 as of 12:14 p.m. EDT on trading volume of 902.53 million, putting the index within reach of a 12-year high.

"The market took the news in a positive vein; now we're off to the races," Stephen Carl, head equity trader at Williams Capital Group, told the Wall Street Journal.

News of a shortage in NAND Flash memory chip boosted tech stocks, especially shares of semiconductor companies Micron (MU) (7.75% to $6.67) and SanDisk (SNDK) (+8.33% to $43.98).

Another leading gainer is Orexigen Therapeutics (OREX), up 10.69% to $5.44 after Credit Suisse initiated coverage of the biotech firm with an outperform rating.

Nasdaq volume leader Facebook (FB) is also up 1.83% to $18.92, despite news earlier that Twitter is projected to beat the more established social network in mobile ad revenue.

Apple (AAPL) climbed 0.61% to $674.32. Stern Agree's Shaw Wu reiterated his Buy rating on the tech giant, citing the strength of the iPhone 5 and the likelihood of an iPad mini.

Bucking the bullish trend is data storage firm OCZ Technology Group (OCZ), down a sharp 22.05% to $4.18. Analysts expect OCZ's fiscal second-quarter revenue to fall short of its earlier guidance due to supply issues.

Warner Chilcott (WCRX) is also down 9.58% to $12.83, after the company announced that some of its senior management, as well as funds linked to Bain Capital Partners, JPMorgan Partners, and Thomas H. Lee Partners, are selling an undisclosed number of the branded drugmaker's shares.

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.

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