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The Nasdaq Now: Apple Continues Correction Path


Research In Motion and Netflix were also down on the day.

MINYANVILLE ORIGINAL Weighed down by the poor performance of tech stocks -- especially Apple (NASDAQ:AAPL) -- the Nasdaq Composite (INDEXNASDAQ:.IXIC) fell 1.44% to 3,067.48 points on average trading volume of 715.59 million as of 11:58 a.m. EDT.

Biofuel Energy (NASDAQ:BIOF) rose 9.91% to $6.99. The company's trailing-twelve-month revenue is at $588.77 million.

Questcor Pharmaceuticals (NASDAQ:QCOR) also gained 5.15% to $21.33 after the company disclosed in a regulatory filing earlier that patients with "serious, difficult-to-treat medical conditions" will still be able to access its Acthar drug "through commercial insurance, Medicare, Medicaid and other government programs," thus negating previous worries about insurance coverage of Acthar. Jefferies also upgraded Questcor to Buy from Hold, setting a $28 price target.

Glu Mobile (NASDAQ:GLUU) was one of the biggest decliners of the day, falling 18.67% to $3.31. The online game maker was weighed down by continued revenue concerns investors have about Zynga (NASDAQ:ZNGA) (-0.82% to $2.41).

Apple continued on its correction path, dropping 1.22% to $630.40 over concerns about employee disputes at Foxconn and iPhone 5 supply issues. Sterne Agee's Shaw Wu is still bullish about the stock, however, writing in a note: "From our latest supply chain work, we have not picked up a drop-off in demand and production appears to be improving with the bottleneck moving from components to the assembly of the iPhone 5 itself." Wu has a $840 price target on Apple.

Netflix's (NASDAQ:NFLX) upwards momentum from the past two weeks came to a crashing halt, as shares of the video rental and streaming company fell 7.96% to $67.67 following a downgrade to Underperform from Buy by Bank of America. "With the stock increasing 31% over the past two weeks, we now believe the risks outweigh the reward heading into Q3," said Bank of America analyst Nat Schindler, according to Investor's Business Daily.

Shares of troubled Research In Motion (NASDAQ:RIMM) also dipped 4.37% to $7.88 on concerns that its long-delayed BlackBerry 10 would not hit stores until March 2013, which would affect BB10 licensing deals with other firms.

Twitter: @sterlingwong
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