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The Nasdaq Now: Research In Motion (NASDAQ:RIMM) Jumps on Not-as-Bad-as-Expected Results


Cytori Therapeutics and Facebook also gained on the day.

MINYANVILLE ORIGINAL US stocks fell on this last day of the quarter on data that showed that manufacturing activity in Chicago contracted. The quarter remains positive overall, however.

"We had a heck of a good quarter and month for stocks beyond what anyone thought," Stuart Hoffman, chief economist at PNC Financial Services Group, told MarketWatch. "So now we're having a step backward as some of the QE3-inspired gains dissipate."

The Nasdaq Composite (INDEXNASDAQ:.IXIC) is down 0.48% to 3,121.67 points on average volume of 779.77 million as of 12:09 p.m. EDT.

Cytori Therapeutics (NASDAQ:CYTX) gained 18.47% to $4.57 on news that it has been awarded a government contract of up to $106 million to develop a treatment for burns caused by thermal or radioactive bombs.

Nasdaq volume leader of the day Research In Motion (NASDAQ:RIMM) surged 10.22% to $7.87 after releasing second-quarter fiscal results that were not as bad as investors and Wall Street had feared. RIM logged a quarterly loss of $235 million, or $0.45 per share, on revenue of $2.9 billion. The consensus estimate was a loss of $0.47 per share on revenue of $2.49 billion. BlackBerry smartphone shipments also shrank 30% to 7.4 million.

Another much-maligned stock, Facebook (NASDAQ:FB), also popped 6.79% to $21.70 on the introduction of a new feature that will allow its users to purchase gifts for friends.

Among the heaviest decliners was Adtran Inc. (ADTN), whose shares dropped 8.59% to $17.51 after the company released its third-quarter forecast, which fell below analyst expectations.

Peregrine Pharmaceuticals (NASDAQ:PPHM) continued to flirt with the $1.00 mark. Its shares declined 7.21% to $1.03.

With Time Warner commencing its Clearwire Corporation (NASDAQ:CLWR) stock dump, the latter fell 6.08% to $1.39.

Apple (NASDAQ:AAPL) also dipped 1.25% to $672.81 as CEO Tim Cook released a statement apologizing for the tech giant's error-strewn Maps application.

Twitter: @sterlingwong
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