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The Nasdaq Now: Apple Struggles for Direction

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Perion Network and Medicines Company were among the day's leading gainers.

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Ahead of a new earnings season that Wall Street analysts expect to show weak corporate growth, US equities fell in mid-Tuesday trading.

Overall, Wall Street sees a 2.8% year-to-year growth in quarterly earnings, according to Thomson Reuters data, but the figure represents a sharp downward revision from October estimates.

The Nasdaq Composite (INDEXNASDAQ:.IXIC) was down 0.48% to 3,084.04 points on trading volume of 805.98 million as of 12:21 p.m. EST.

Perion Network (NASDAQ:PERI) shot up 28.25% to $12.12. The Israeli maker of email and social-networking products provided a robust 2013 forecast, saying that it expects sales for 2013 to exceed $110 million, surpassing analysts' estimates. The stock will likely end the day with its highest closing price since it started trading in 2006.

The Medicines Company (NASDAQ:MDCO) surged 11.15% to $28.70 after announcing positive results for the phase III trial of its treatment for patients undergoing percutaneous coronary intervention. Cell Therapeutics (NASDAQ:CTIC) also jumped 20.69% to $1.57.

After a positive presentation at the JPMorgan Healthcare Conference in San Francisco, Celgene (NASDAQ:CELG) received stock upgrades from Piper Jaffray and RBC Capital Markets, and thus advanced 4.23% to $89.36. Earlier, the stock hit an all-time high of $89.88.

After jumping 80% yesterday, Peregrine Pharmaceuticals (NASDAQ:PPHM) gave back some of those gains, sliding 2.88% to $2.36.

Apollo Group (NASDAQ:APOL) also fell 3.08% to $20.84. The for-profit education group will post its quarterly earnings after the closing bell.

Apple (NASDAQ:AAPL), meanwhile, wavered between mild gains and losses all day in a struggle for direction. The stock was up 0.06% to $524.22 as of 12.22 p.m. EST. Earlier, it was reported that the company would produce low-cost iPhones for emerging markets in the second half of 2013.


Twitter: @sterlingwong
No positions in stocks mentioned.
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