business newsMidday Nasdaq Down on Facebook (NASDAQ:FB), Peregrine Pharma (NASDAQ:PPHM)
By
Jonah Loeb Sep 24, 2012 3:25 pm
Apple also dips after riots in China.
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The tech sector was lagging, due in no small part to Apple (NASDAQ:AAPL), which fell 1.63% to $688.79 as investors bemoaned the tech giant’s inability to accommodate the massive demand for the iPhone 5; riots at a Chinese factory where the phones are assembled may also have played a part.
After Barron’s used its cover story this week to question Facebook's (NASDAQ:FB) mobile advertising business, the social networking company saw its stock fall 7.48% to $21.15 after making a decent recovery in recent weeks. One of the few bright spots was TiVo (NASDAQ:TIVO), which rose 4.29% to $9.97 after settling its lawsuit against Verizon (NASDAQ:VZ) for over $250 million.
Easily the biggest loser was Peregrine Pharmaceuticals (NASDAQ:PPHM), which dropped a staggering 76.62% to a mere $1.26 on 15 times its average volume after a crucial mistake marred the study on its new cancer drug. Questcor Pharmaceuticals (NASDAQ:QCOR) also didn’t have the best day, falling 34.88% to $19.62 on high volume after the federal government announced an investigation into Questcor’s promotional practices.
No positions in stocks mentioned.
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