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: Ceradyne Surged on 3M Acquisition


Research In Motion and Facebook were also up on the day.

MINYANVILLE ORIGINAL Strong data from the manufacturing sector lifted US equities on the first trading session of the fourth quarter, with the Nasdaq Composite (INDEXNASDAQ:.IXIC) up 0.41% to 3,129.07 points on average volume of 761.05 million as of 12:06 p.m. EDT.

A report from the Institute of Supply Management showed that manufacturing expanded for the first time since May, with the ISM index rising to 51.5 in September from 49.6 in August, beating the consensus estimate of 49.7. A figure above 50 indicates expansion while one below 50 indicates contraction.

Leading all Nasdaq gainers was Fonar Corp, (NASDAQ:FONR), which soared 43.74% to $5.39 after it announced it had recorded its ninth successive profitable quarter, with fiscal fourth-quarter earnings coming in at $1.9 million

Ceradyne (NASDAQ:CRDN) was also up a mammoth 42.94% to $34.92 after it was announced that 3M (NYSE:MMM) would acquire the ceramic components maker for $860 million.

Two much-maligned stocks also registered gains. Research In Motion (NASDAQ:RIMM) was up 2.67% to $7.70 while Facebook (NASDAQ:FB) moved up 2.31% to $22.16 after Oppenheimer analyst Jason Helfstein retained his Outperform rating on the social network, though he lowered his price target to $27 from $41.

Among the losers was Gordmans Stores (GMAN), whose shares plunged 24.17% to $13.99 after the company lowered third-quarter profit estimates to $0.18 to $0.20 per share from its previous estimate of $0.24 to $0.26 per share.

Peregrine Pharmaceuticals (NASDAQ:PPHM) continued to bleed, with the stock dropping 14.76% to $0.88 in the aftermath of the company saying that clinical trial results released on its new lung cancer drug, bavituximab, in early September were erroneous.

Jakks Pacific (NASDAQ:JAKK) also fell 5.39% to $13.79 after the toymaker lowered its 2012 full-year guidance, citing "disappointing" US product sales and a slowdown in orders.

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.
Featured Videos