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The Nasdaq Now: Facebook Bucks Bear Trend

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Bottomline Technologies and 51job also see gains.

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MINYANVILLE ORIGINAL As global economic worries continue to fester, equities fell in intraday trading. The situation was certainly not helped by China's disappointing trade data released yesterday, which confirmed that the global economy is stalling.

The Nasdaq Composite (^IXIC) is down 0.26% (7.71 points) to 3,010.93 points, on trading volume of 816.30 million, as of 12:45 p.m. EDT.

Bucking the down trend, Bottomline Technologies (EPAY) is up a robust 20.84% to $24.11. The cloud-based payment solutions provider reported its fiscal fourth quarter results yesterday. Its $0.26 earnings per share beat the consensus estimate of $0.21 by $0.05. Quarterly revenue came in at $61.4 million, an increase of $7.1 million, or 13%, from a year ago.

Craig Hallum upgraded Bottomline Technologies from a Hold to a Buy today, setting a price target of $26.00 on its stock.

Chinese-based 51job (JOBS) also gained ground, up 16.05% to $42.29 after an earnings beat yesterday. For its second quarter, the jobs listing company reported revenue of $56.7 million, compared to the $55.4 million predicted by analysts. Net profit came in at $0.61 per share, or $0.66 per share after removing stock-based compensation expenses, which is higher than the $0.57 per share projected.

Facebook (FB), which has faced a pummeling since its IPO, was up 2.00% to $21.43 after a report released found that the time spent on the site grew by almost 10% in July.

Topping the losers' list is Ubiquiti Networks (UBNT), down a massive 40.64% to $8.91. The San Jose, California-based company posted strong fiscal fourth quarter results but offered weak forward guidance, saying that its next two quarters would be hurt by the proliferation of counterfeit products.

Analysts from UBS Investment Research, Deutchse Bank, Pacific Crest Securities, and Wedbush Securities downgraded the stock following yesterday's guidance.

Digital Generation (DGIT) was another leading loser, down 16.43% to $9.36. The ad management and distribution platform second quarter results, which came in yesterday, did not meet expectations. Revenue for the three months ended June 30, 2012 increased 42% to $96.3 million, but the consensus estimate was $100.7 million.


Twitter: @sterlingwong
No positions in stocks mentioned.
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