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The Nasdaq Now: Apple Hits All-Time High While Facebook and Groupon Drop to Fresh Lows


Oplink Communications is a leading Nasdaq gainer.

MINYANVILLE ORIGINAL On a Friday with low trading volume, the Nasdaq Composite (^IXIC) is hanging on to gains made Thursday, up 0.22% to 3,068.98 in midday trading on volume of 688.95 million.

German Chancellor Angela Merkel made comments earlier that appeared to signal her support for the European Central Bank's plan to buy bonds of debt-riddled eurozone countries, which sent European stocks rising, and American markets are continuing the momentum. US equities are now poised to make six straight weeks of gains.

A leading gainer on the Nasdaq is Oplink Communications (OPLK), rising 16.87% to $16.67. The optical networking equipment maker issued better-than-expected guidance. It now expects first-quarter adjusted earnings to come in between $0.16 to $0.22 per share, compared to the $0.17 per share predicted by analysts. At midday, trading volume is already more than four times higher than its 30-day average.

Also up is Apple (AAPL), which briefly hit an all-time high of $644.13 before retreating to $643.94 (+1.19%). The stock hit its previous high of $644 on April 10. Jefferies analyst Peter Misek had raised his price target from $800 to $900 earlier today, saying that an "iPad Mini" is already in production in China.

Falling steeply today is Marvell Technology (MRVL), down 14.98% to $10.44 after it released underwhelming quarterly results and guidance. Adjusted earnings per share came in at $0.24 on revenue of $816.1 million, while the consensus had been $0.27 on revenue of $852 million. Marvell is also a volume leader, with 30.15 million shares traded thus far, versus the 30-day average of 10.01 million .

Joining Marvell on the losers' list is Facebook (FB), which hit an all-time low of $19.03 before gaining fractionally to reach $19.20 (-3.37%). Yesterday, the social media stock fell 6% after the expiration of its first lockup period.

Groupon (GRPN) also hit a new low, tumbling 7.60% to $4.62 in above-average trading volume. Evercore Partners analyst Ken Sena earlier downgraded the stock to Underweight from Equal Weight, citing worries about the company's working capital as its expenses continue to mount.

Twitter: @sterlingwong
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