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The Nasdaq Now: Google Moves Up After Announcing Layoffs

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FSI International and Savient Pharmaceuticals are among the top gainers.

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MINYANVILLE ORIGINAL Are the markets suffering from a post-Olympics hangover? US equities had risen for five straight weeks, thanks to optimism that political leaders in Europe and the US might be able to salvage the stalling global economy. But disappointing GDP growth numbers from Japan released earlier today jolted traders back to reality.

The Nasdaq Composite (^IXIC) is down 0.49% (14.81 points) to 3,006.05 as of 12:19 p.m. EDT, on trading volume of 648.82 million.

Leading all gainers was FSI International (FSII), up a mammoth 52.35% to $6.16 . The chip equipment maker had announced that it will be acquired by Tokyo Electron for $252.5 million, or $6.20 per share, a more than 50% increase of the stock's Friday closing price of $4.04. The acquisition is scheduled to close at the year's end.

Biopharmaceutical stock Savient Pharmaceuticals (SVNT) was also a strong gainer, up 21.84% to $0.97. The company, which specializes in developing and commercializing Krystexxa for the treatment of chronic gout, was on a downward spiral since reaching a high of $2.42 in April, but it is now on its way back up, having risen 7% in the past 30 days.

After announcing its plan to lay off 4,000 works from its Motorola Mobility division, Google (GOOG) also rose 1.82% in intraday trading to $653.68.

Top losers of the day so far include Powerwave Technologies (PWAV) (-27.01% to $0.38) and Schnitzer Steel Industries (SCHN) (-10.49% to $29.01). Schnitzer had its price target raised from $26 to $32 by DA Davidson as US ferrous scrap prices have trended up recently. However, DA still retained its Neutral rating on the stock.

Twitter: @sterlingwong
No positions in stocks mentioned.
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